GENERAL NOTICE ON
MANAGEMENT AND CUSTODY OF PENSION
FUNDS AND ASSETS

Following the licensing of Pension Fund Administrator (PFAs), its has become imperative for each employee in the public service of the Federation, Federal Capital Territory and the Private Sector to open a Retirement Savings Account (RSA) with a licensed PFA of his or her choice in accordance with the provisions of Section 11(1) of the Pension Reform Act 2004 (PRA2004).

By virtue of Section 11 (5) of the PRA 2004, employers are required to deduct from source the monthly contribution of their employees and remit same together with their portion directly to the account designated by the employee's PFA. Remittance must be made within seven (7) working days from the date of payment of salary of the employees. Failure to comply with requirement constitutes an offence under Section 11(7) and 89 of the PRA 2004.

This notice further brings to the attention of all persons who are not licensed by the National Pension Commission (PenCom) to manage or hold pension funds and assets and all employers that by virtue of Sections 44 and 46 of the PRA 2004, the management and custody of pension funds and assets are now vested only on licensed PFAs, Closed Pension Funds Administrators (CPFAs) and Pension Fund Custodians (PFCs).

Any person or corporate body who fails to comply with the provisions of the Act commits an offence and is liable to be proceeded against in accordance with the PRA 2004.

All enquiries regarding this should be directed to:

National Pension Commission
Plot 2774 Shehu Shagari Way
Maitama District
P.M.B. 5170 Wuse
Abuja.
Phone: +234-9-413 8736-40
09-672 0091
09-672-0094
email: info@pencom.gov.ng
website: www.pencom.gov.ng

SIGNED MANAGEMENT

Culled from The Guardian Newspaper, Thursday 14th September 2006