Nigerian National Pension Commission Grants 10 Operating Licenses

The Nigerian National Pension Commission has granted operating licenses to seven pension fund administrators (PFAs) and three pension fund custodians (PFCs). The seven PFAs include IBTC Pension Managers Limited, Premium Pension Limited, Pensure PFA Limited, Sigma Vaughn Sterling Pensions Limited,

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The Nigerian National Pension Commission has granted operating licenses to seven pension fund administrators (PFAs) and three pension fund custodians (PFCs).

The seven PFAs include IBTC Pension Managers Limited, Premium Pension Limited, Pensure PFA Limited, Sigma Vaughn Sterling Pensions Limited, Pensions Alliance Limited, Arm Pension Managers Limited, First Alliance Pensions And Benefits Limited and Shell Nigeria Closed Pension Fund Administrators.

The three pension fund custodians include UBA Pensions Custodian Limited, Zenith Pensions Custodian Limited and First Custodian Nigeria Limited.

Under the new pension scheme, it is pertinent to note that Pension Fund Administrators (PFAs) are required to open retirement savings accounts for employees, invest and manage the pension funds. They are also responsible for paying retirement benefits to employees in accordance with the provisions of the Act. Pension Fund Custodians, on the other hand, are required to receive contributions from employers, hold the pension fund assets in safe custody on trust for contributors and execute transactions on behalf of PFAs. These two institutions therefore, are the main operators and the backbone upon which the new pension scheme is built.

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