Pension Fund Administrators

The new pension scheme requires pension funds to be privately managed by licensed Pension Fund Administrators. Pension Fund Administrators (PFAs) have been duly licensed to open Retirement Savings Accounts for employees, invest and manage the pension funds in a manner as the Commission may from time to time prescribe, maintain books of accounts on all transactions relating to the pension funds managed by it, provide regular information to the employees or beneficiaries and pay retirement benefits to employees in accordance with the provisions of the Pension Reform Act 2004. Before it is issued with an operating licence, the PFA must be a limited liability company whose sole object is the management of pension funds. To discourage frivolous applications and to ensure credibility, such company must have a paid up share capital of N1,000, 000,000 and demonstrate professional capacity to mange pension funds and administer retirement benefits.

 The following is a list of licenced Pension Fund Administrators Licensed by the National Pension Commission (PenCom)

        5. CrusaderSterling Pensions Limited

          11. Leadway Pensure PFA Limited