Pension Fund Custodians

Pension Fund Custodians (PFCs) will be responsible for the warehousing of the pension fund assets. The PFAs shall not be allowed to hold the pension funds assets. The employer sends the contributions directly to the Custodian, who notifies the PFA of the receipt of the contribution and the PFA subsequently credits the retirement savings account of the employee.

The Custodian will execute transactions and undertake activities relating to the administration of pension fund investments upon instructions by the PFA. The custodian shall hold pension fund assets on trust for its clients. For the same reason adduced in the case of the PFA, a stakeholder of the Custodian must be a licensed financial institution and have a minimum net worth of N5,000, 000, 000 and a total balance sheet of not below N125, 000,000,000. The shareholders of a Custodian must guarantee the pension fund assets held by it.

 The following is a list of licensed Pension Fund Custodians by the National Pension Commission (PenCom).