FGN Circulars

NOTICE ON THE ENROLMENT OF THE FEDERAL GOVERNMENT EMPLOYEES DUE FOR RETIREMENT BETWEEN JANUARY AND DECEMBER, 2012
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  • ADDENDUM TO FRAMEWORK FOR RESOLUTION OF FAILING OPERATORS IN THE NIGERIAN PENSION INDUSTRY
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  • ADDENDUM TO CIRCULAR ON REQUIREMENTS FOR PFAs WITH FUNDS UNDER MANAGEMENT OF N100 BILLION & ABOVE AND NEW REQUIREMENTS FOR APPOINTMENTS TO BOARD AND TOP MANAGEMENT POSITIONS OF ALL PFAs
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  • CIRCULAR FOR CHANGE OF DATE OF BIRTH
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  • We write to inform you that the Commission has received several enquiries concerning exemption of employees under the Contributory Pension Scheme in the Public Service of the Federation. Some of these include officers that had three years(3) or less to retire as at the commencement of Pension Reform Act 2004 or those who retire before the age of sixty(60)
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  • Management has approved the revised regulation for transfer of Retirement Savings Account.
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  • Management has approved the Guildelines for the registration of Contributor/Member. The final guidelines is hereby exposed for operators to adopt.
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  • Investment of Pension funds in State and Local Government bond instruments.<br>
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  • Using outsourced staff to perform pension administration, management, and custodial functions by Pension Fund Operators.
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  • The Commission has observed that some Licensed Pension Fund Operators execute Technical Agreements with third parties without obtaining the prior approval of the Commission. This is of concern to the Commission especially as it has been observed that some clauses in these agreements are not in line with global best practice.
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  • The Commission has observed that Operators generally do not treat the issue of staff training with paramount importance.
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  • In keeping with the spirit of transparency and to ensure that all stakeholders, particularly RSA holders, have access to vital, basic information, this circular is issued to notify all PFAs of minimum information to be posted on their websites.
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  • It has been observed that Operators have formed the habit of not responding to correspondence from the Commission within the stipulated time frame. Consequently, Management is by this circular informing all Operators that effective from today, any Operator that fails to respond to any correspondence from the Commission within the prescribed period will be sanctioned in accordance with the Framework for the Regime of Sanctions and Penalties which was recently revised and sent to all Operators.
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  • The Commission has realized through its oversight functions as well as information obtained from stakeholders in the pension industry that Pension Fund Administrators (PFAs) were failing in one of their core mandate which is to render good services to their clients.
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  • Minimum requirement for the inclusion of state bonds as investible instruments in the pension industry.
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  • The Commission has observed that some Operators change their operating Software without notifying the Commission. Consequently, all licensed Operators are henceforth required to inform the Commission when changing their operating software. Any Operator infringing this requirement will from now on be penalized appropriately.
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  • Management has approved the Amended Regulation for Transfer of Retirement Savings Accounts. The final Regulation is hereby exposed for operators to adopt.
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  • We write to inform you that the Commission has issued a letter of no objection for the inclusion of Osun Development Bond 2012 as an investible instrument in the Pension Industry.
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  • Please recall our circular ref:PenCom/DG/09/016/2 dated 30th April,2009 directing all MDAs to liaise with PFAs of deceased Federal Government employees for processing and remittance of terminal benefits under the Contributory Pension Scheme. Also recall that for deceased employees who did not open RSA before their demise, the circular required their Next of Kin (NOK) to open Death Benefit Account (DBA) through which their terminal benefits and life insurance proceeds are to be paid.
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  • We write to inform you that in line with the provisions of Section 12 of the Pension Reform Act 2004 and as part of the implementation process of the issuance of Federal Government Retirement Bond, the Commission is organizing an enrollment exercise for employees in the service of the Federal Government that are due to retire between January and December, 2012 by virtue of attaining the age of 60/65 years or 35 years in service whichever is earlier. The exercise would also cover employees who have already retired but are yet to be enrolled by the Commission.
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  • Request for details for authorized officers to endorse letter of introduction for retiring employees under the contributory pension scheme.
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  • Minimum requirements for opening of branches by Pension Fund Administration.
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  • The Commission has observed from the review of Company audited accounts that Operators do not seek the prior approval of the Commission before payment of dividends to shareholders. In view of this, all licensed Operators are required to seek the prior approval of the Commission before payment of both interim and final dividend to shareholders.
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  • Payment of entitlements to retirees of the Federal Capital Territory Authority.<br>
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  • Review of Pension rates in accordance with Section 173(3) of the constitution of the Federal Republic of Nigeria, 1999 as amended.
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  • Please recall the commission's earlier circular referenced PENCOM/INSP/CIR/PSP/11/01, which grants concessions to state to adopt a structured arrangement in the registration of States' and Local Governments' employees by assigning Pension Fund Administrators(PFAs) to specific Ministries, Departments and Agencies (MDAs). This concession was given to allow the states jump start the registration of their employees under the CPS.
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  • The Commission has through its oversight function observed that the minimum paid up share capital of N150 million was no longer adequate to meet the operational expenses of a PFA business given its intensive IT nature and an average gestation period of 5 years. The Commission had consulted with the pension industry for its input on the new minimum capital requirement for PFAs. The input of the pension industry and subsequent review by the Commission resulted in the presentation of a technical paper to the Board of PenCom on the issue.
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  • The significant growth in the size of pension assets and the changing dynamics of pension business has necessitated the need for the Commission to issue another circular in respect of appointment to Board and Top Management Positions as well as new requirements for PFAs with funds under management of N100 billion and above. In addition, the control of a significant portion of Nigerian Pension business by a few Pension Fund Administrators has made it necessary to strengthen their operations.
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  • Opening of Retirement Savings Account with Licensed Pension Fund Administrators(PFAs) for the implementation of the contributory pension scheme.
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  • Opening of Retirement Savings Accounts with Licensed Pension Fund Administrators (PFAs) for the implementation of the contributory pension scheme. <br>
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  • Opening of Retirement Savings Accounts with Licensed Pension Fund Administrators (PFAs).
    This Circular is for guidance in terms of the selection and appointment of PFCs. The appointment of PFCs shall be in line with the following guidelines:
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  • 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: <a href="http://www.pencom.gov.ng">www.pencom.gov.ng</a> and submit their current and up-to-date information.
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  • General notice on the procedure and documentation for accessing retirement benefits by private sector employees under the contributory pension scheme.
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  • Further to the various workshops held by the Commission for employees of the Federal Government under the Contributory Pension Scheme and advertisement 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 benefits under the Contributory Pension Scheme.
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  • This 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 the employee.
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  • The following regulations are hereby issued: Guidelines for Risk Management Framework for Licensed Pension Operators.
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  • Posting of audited accounts on Operators' website
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  • It has been observed from the review of âcompanyâ audited accounts so far submitted by PFCs, that funds under custody are usually not disclosed on the financials.
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  • We write to inform you that the Commission has issued a letter of no objection for inclusion of the N21 Billion Fixed Rate Niger State Bond Series 1 as an investible instrument in the Pension Industry.
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  • The Lagos State Bond has been granted a no objection for inclusion as an investment instrument. 
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