Call us: 01-454-5296, +234 708 321 1740 | E-mail:

Nigeria Compliance Hub Nigeria's No one compliance website

Posts in National Pension Commission (PENCOM) related to Food & Agro Allied

Pension Reform Act

2016-12-20 6:51 PM | by Nigeria Compliancehub

This Act repeals the Pension Reform Act No .2, 2004 and enacts the Pension Reform Act, 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria.
Read more

Guidelines on Life insurance Policy for Employees

2016-12-21 7:52 PM | by Nigeria Compliancehub

For the purpose of establishing uniform set of rules, guidelines and standards in relation to the application of the provisions of Section 9 (3). The Guideline states the minimum requirement, the eligibility of Insurance company, policy coverage, document requirement, operational terms, settlement of claims for life insurance  for… Read more

PFA ICT Guidelines

2016-12-22 2:05 AM | by Nigeria Compliancehub

This Guideline covers the transfer of amounts contributed by bona fide members of the NSITF scheme into their RSAs maintained with their Pension Fund Administrators (PFAs). It does not cover transfer of income earned on the amount contributed by employees. The transfer of income will be done after… Read more

Guidelines on Transitional Arrangements

2016-12-22 2:08 AM | by Nigeria Compliancehub

The purpose of the guidelines is to provide general guidance on transitional matters for both the public and private sectors relating to the implementation of the Pension Reform Act 2004. The guidelines are intended to ensure smooth transition to the new Contributory Pension Scheme. 
Read more

Whistle Blowing Guidelines for Pensions

2016-12-22 2:11 AM | by Nigeria Compliancehub

To further entrench the efforts of the Commission in this regards, the Whistle Blowing Guidelines provide lucid guidance for reporting breaches in PFAs, PFCs and CPFAs and benchmark examples on reporting. The Guidelines also restrict reporting to significant matters. Read more


2016-12-22 2:24 AM | by Nigeria Compliancehub

The fees stipulated herein, are maximum amounts chargeable by Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs) and the National Pension Commission (Commission), for all services to be provided by them.
Read more

Regulation on Investment of Pension Assets, 2012

2016-12-22 2:28 AM | by Nigeria Compliancehub

The requirements of this Regulation are consistent with the provisions of the Pension Reform Act, 2004. The purpose of the Regulation is to provide uniform rules and standards for the investment of pension fund assets.

By this Guidelines, Pension Fund Custodians (PFCs) shall only take… Read more

Regulations on Valuation of Pension Funds, 2006

2016-12-22 2:31 AM | by Nigeria Compliancehub

This Regulation seeks to standardise the procedures to be adopted in the valuation of Pension Fund Asset portfolios by Pension Fund Administrators (PFAs). This shall include the method and manner in which Pension Fund Administrators (PFAs) calculate the value of net assets under management and the value of… Read more

Regulations for Auditing Pension Funds

2016-12-22 2:35 AM | by Nigeria Compliancehub

The present practice whereby pension funds are audited independently at different periods with the PFAs and PFCs, has led to incomplete and incomprehensive audit reports of the funds. This practice impinges on balanced regulatory judgment and is of concern to the Commission.

The foregoing have made it imperative for the Commission… Read more

Regulations on Annuity

2016-12-22 2:37 AM | by Nigeria Compliancehub

This regulation is jointly issued by the National Insurance Commission and the National Pension Commission for the purpose of given effect to the provision of Pension Reform Act (PRA) 2004 as it relate to Life Annuity.
Read more

Regulations on Compliance Officers

2016-12-22 2:42 AM | by Nigeria Compliancehub

This is aimed at achieving the set goals of providing sustainable pension to the deserving retired employees. Specifically, Section 68 of the PRA 2004 stipulates that every Pension Fund Administrator (PFA) (which includes the CPFAs), shall employ a Compliance Officer who shall be responsible for ensuring compliance with… Read more

Circular Change of Date of Birth

2016-12-27 1:44 AM | by Nigeria Compliancehub

The Commission has observed that some operators change their clients dates of birth and dates of first appointment on their databases without recourse to the Commission. Consequently, all licensed Operators are henceforth required to seek for Commission's approval and await such before effecting changes on their databases. Read more

Circular on Opening Retirement Savings Account with Pension Fund Administrators No.3

2016-12-27 2:01 AM | by Nigeria Compliancehub

Further to the Commission's earlier circular Ref. No. PENCOM/DG/ADM/016/VOL. I of January 3, 2006 and PENCOM/DG/ADM/016/VOL.I/40 dated 26th January, 2006 on the above subject matter; the Commission wishes to remind all Heads of Ministries, Departments, Agencies and Parastatals that registration of employees with licensed Pension Fund Administrators (PFAs)… Read more

Circular for Branch Operation

2016-12-27 2:15 AM | by Nigeria Compliancehub

In order to ensure that all Retirement Savings Account (RSA) holders have access to the services offered by Licensed Pension Fund Administrators (PFAs), the Commission has made the opening of two (2) branches in cities other than Abuja, Lagos, and Port-Harcourt a requirement before any PFA is granted… Read more

Circular on Audited Accounts

2016-12-27 2:24 AM | by Nigeria Compliancehub

By this Circular, all  Pension Fund Administrators (PFAs),  Closed Pension Fund   Administrators (CPFAs) and  Pension Fund Custodians (PFCs) are henceforth required to post their audited accounts, including those of the pension funds which they administer, on their websites.
Read more

Circular on Establishment of Customer Contact Centre

2016-12-27 2:43 AM | by Nigeria Compliancehub

In order to ensure that Retirement Savings Account (RSA) holders and Retirees receive effective and timely customer services support in line with Section 54 (e) of the Pension Reform Act (PRA) 2014, the Commission deemed it necessary to issue this Circular on the need to establish fully functional… Read more

Circular on Outsourced Staff

2016-12-27 3:34 AM | by Nigeria Compliancehub

By this Circular, the Commission hereby disallows licensed pension operators from using contract staff such as pension administration, benefits administration, fund management and accounting, settlement, safe keeping, contribution collection and administration and information and communication technology. However, licensed pension operators are allowed to engage outsourced staff for sales/marketing… Read more

General Notice on Retirement Benefits

2016-12-27 4:03 AM | by Nigeria Compliancehub

Further to the various workshops held by the Commission for employees of the private sector under the Contributory Pension Scheme and advertisements placed in the media, the Commission would like to again, draw the attention of employees to the procedure and the necessary documents required for accessing retirement… Read more

On-Line Registration by Employees

2016-12-27 4:06 AM | by Nigeria Compliancehub

All employees in the Federal Ministries, Departments, Agencies, Military, Para-Military, Security Establishments and the Federal Capital Territory(FCT) who have opened their Retirement Savings Accounts (RSAs) with their chosen Pension Fund Administrators (PFAs) are required to visit the website: and submit their current and up-to-date information.
Read more

Procedure for Processing Death Benefits

2016-12-27 4:21 AM | by Nigeria Compliancehub

This Circular  is to bring to the attention of all Ministries, Departments and Agencies (MDAs) that Section 9(3) of the Pension Reform Act (PRA) 2004 requires all employers to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument (ATE) of… Read more

Transfer Changes in Shareholding Structure

2016-12-27 4:24 AM | by Nigeria Compliancehub

One of the licensing conditions issued to all Pension Fund Operators is that they are required to seek the prior approval of the Commission for any significant transfer of sharess (5% and above of the totl paid up capital) between exisiting shareholders as well as acquisition of shares… Read more

315 agencies fail to submit audited accounts - OAUGF

2017-01-19 1:58 PM | by Nigeria Compliancehub

The report of the Senate Committee on Public Accounts on the status of compliance of parastatals on submission of audited accounts to the OAUGF obtained yesterday has revealed that no fewer than 315 Federal agencies including the Nigerian Ports Authority (NPA), Nigeria Deposit Insurance Corporation (NDIC) have failed… Read more

Lagos and Ogun states were the top Internally Generated Revenue earning states - National Bureau of Statistics

2017-01-20 9:36 AM | by Nigeria Compliancehub

According to the National Bureau of Statistics's Internally Generated Revenue (IGR) report released by the NBS on Wednesday, Lagos State recorded the highest Internally Generated Revenue figure of N150.59 billion in first half 2016, followed by Ogun State with N28.15 billion.

Nasarawa State, however, generated the lowest revenue… Read more

FG bars MDAs from spending Internally Generated Revenues

2017-01-23 10:30 AM | by Nigeria Compliancehub

To stop the high incidence of unremitted operating surpluses that stood at N450bn as of last year, the Federal Government has barred its Ministries, Departments and Agencies from spending Internally Generated Revenues that are not appropriated in their annual budgets.

Also, declaring deficits will no longer provide an… Read more

Pastors against FRCN are thieves – Tunde Bakare

2017-01-25 3:17 PM | by Nigeria Compliancehub

The Lawyer cum Pastor, Tunde Bakere, who is the General Overseer of the Latter Rain Ministres has opined that the pastors against the Financial Reporting Council of Nigeria's (FRCN) Code of Corporate Governance are thieves.

He said, "I can testify that the law was explained to kingpins in… Read more

NSE indices records marginal growth of 0.03%

2017-01-25 3:33 PM | by Nigeria Compliancehub

The market indices of the Nigerian Stock Exchange (NSE) on Monday appreciated by marginal growth of 0.03 per cent due to cautious trading. This is coming just as investors await the outcome of the 2017 maiden edition of the Monetary Policy Committee (MPC) meeting.

The News Agency of… Read more