The Pension Reform Act 2004 established the National Pension Commission (PenCom) as the body to regulate, supervise and ensure the effective administration of pension matters in Nigeria.
The functions of the Commission include:
- Regulation and supervision of the Scheme established under the Act.
- Issuance of guidelines for the investment of pension funds.
- Approving, licensing, regulating and supervising pension fund administrators, custodians and other institutions relating to pension matters as the Commission may, from time to time, determine.
- Establishing standards, rules and guidelines for the management of the pension funds under the Act.
- Ensuring the maintenance of a National Data Bank on all pension matters.
- Carrying out public awareness and education on the establishment and management of the Scheme.
- Promoting capacity building and institutional strengthening of pension fund administrators and custodians.
- Receiving and investigating complaints of impropriety levelled against any pension fund administrator, custodian or employer or any of their staff or agents.
- Performing such other duties which, in the opinion of the Commission, are necessary or expedient for the discharge of its functions under the Act.