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Power Of The Commission

The Commission shall have the power to:

  1. Formulate, direct and oversee the overall policy on pension matters in Nigeria.
  2. Fix the terms and conditions of service including remuneration of the employees of the Commission.
  3. Request or call for information from any employer or pension fund administrator or custodian or any other person or institution on matters relating to retirement benefit.
  4. Charge and collect such fees, levy or penalties, as may be specified by the Commission.
  5. Establish and acquire offices and other premises for the use of the Commission in such locations as it may deem necessary for the proper performance of its functions under the Act.
  6. Establish standards, rules and regulations for the management of the pension funds under the Act.
  7. Investigate any pension fund administrator, custodian or other party involved in the management of pension funds.
  8. Impose administrative sanctions or fines on erring employers or pension fund administrators or custodians.
  9. Order the transfer of management or custody of all pension funds or assets being managed by a pension fund administrator or held by a custodian whose licence has been revoked under this Act or subject to insolvency proceedings to another pension fund administrator or custodian, as the case may be.
  10. Do such other things which in its opinion are necessary to ensure the efficient performance of the functions of the Commission under the Act.



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