Members

MEMBERS

This new pension scheme is contributory, fully funded, privately managed, third party custody of the funds and assets and based on individual accounts. It ensures that everyone who has worked receives his/her retirement benefits as and when due.

The new pension scheme covers all employees in the public service of the Federation, the Federal Capital Territory and the private sector of the economy.

The entire pension landscape is privately managed by a group of licensed companies which fall into one of the following, according to their role, structure and mode of operation.

  1. Pension Fund Administrators (PFAs)

    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 N150, 000,000 and demonstrate professional capacity to mange pension funds and administer retirement benefits.

  2. Pension Fund Custodians (PFCs)

    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.

  3. Closed Pension Fund Administrators (CPFAs)

    Closed Pension Fund Administrators (CPFAs) are a category of Pension Fund Operators Licensed by PENCOM under provisions of the PRA 2014. The CPFA License was granted in accordance with the provisions of Section 51 of the Act, to qualifying owner-managed Pension schemes that existed prior to the Pension Reform in 2004. Even though they CPFAs are regulated by PENCOM, CPFA membership is only open to employees of companies that they represent and not for the general public. Notwithstanding the foregoing, CPFAs are subject to provisions of the PRA and rules of their Approved Existing Schemes, and other guidelines as specified by PENCOM from time to time.

EXPLORE LIFE STAGES
PROACTIVE
CONFIDENT
EXCITED
Aiico Pension Managers Limited
Chevron Closed PFA Limited
First Guarantee Pension Limited
IGI Pension Fund Managers Limited
Nestle Nigeria Trust Limited
OAK Pensions Limited
Shell Nig. Closed Pension Fund Administrator
Trustfund Pensions Limited
APT Pension Fund Managers Limited
CrusaderSterling Pensions Limited
First Pension Custodian Nigeria Limited
Investment One
Nigerian Agip CPFA Limited
Pensions Alliance Limited
Sigma Pensions Limited
UBA Pensions
ARM Pension Managers (PFA) Ltd
Diamond Pension Fund Custodian Limited
Future Unity Glanvils Pensions Limited
Leadway Pensure PFA Limited
NLPC Pension Fund Administrators Limited
Premium Pension Limited
Stanbic IBTC Pension Managers Limited
UNICO CPFA Limited
AXA Mansard Pensions
Fidelity Pension Managers
IEI-Anchor Pension Managers Limited
Legacy Pension Managers Limited
NPF Pensions
Progress Trust CPFA Limited
Total (E&P) Nigeria CPFA Limited
Zenith Pensions Custodian Limited
+ MEMBERS
MEMBERS

This new pension scheme is contributory, fully funded, privately managed, third party custody of the funds and assets and based on individual accounts. It ensures that everyone who has worked receives his/her retirement benefits as and when due.

The new pension scheme covers all employees in the public service of the Federation, the Federal Capital Territory and the private sector of the economy.

The entire pension landscape is privately managed by a group of licensed companies which fall into one of the following, according to their role, structure and mode of operation.

  1. Pension Fund Administrators (PFAs)

    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 N150, 000,000 and demonstrate professional capacity to mange pension funds and administer retirement benefits.

  2. Pension Fund Custodians (PFCs)

    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.

  3. Closed Pension Fund Administrators (CPFAs)

    Closed Pension Fund Administrators (CPFAs) are a category of Pension Fund Operators Licensed by PENCOM under provisions of the PRA 2014. The CPFA License was granted in accordance with the provisions of Section 51 of the Act, to qualifying owner-managed Pension schemes that existed prior to the Pension Reform in 2004. Even though they CPFAs are regulated by PENCOM, CPFA membership is only open to employees of companies that they represent and not for the general public. Notwithstanding the foregoing, CPFAs are subject to provisions of the PRA and rules of their Approved Existing Schemes, and other guidelines as specified by PENCOM from time to time.

EXPLORE LIFE STAGES
PROACTIVE
CONFIDENT
EXCITED
+ LIST OF MEMBERS
Aiico Pension Managers Limited
Chevron Closed PFA Limited
First Guarantee Pension Limited
IGI Pension Fund Managers Limited
Nestle Nigeria Trust Limited
OAK Pensions Limited
Shell Nig. Closed Pension Fund Administrator
Trustfund Pensions Limited
APT Pension Fund Managers Limited
CrusaderSterling Pensions Limited
First Pension Custodian Nigeria Limited
Investment One
Nigerian Agip CPFA Limited
Pensions Alliance Limited
Sigma Pensions Limited
UBA Pensions
ARM Pension Managers (PFA) Ltd
Diamond Pension Fund Custodian Limited
Future Unity Glanvils Pensions Limited
Leadway Pensure PFA Limited
NLPC Pension Fund Administrators Limited
Premium Pension Limited
Stanbic IBTC Pension Managers Limited
UNICO CPFA Limited
AXA Mansard Pensions
Fidelity Pension Managers
IEI-Anchor Pension Managers Limited
Legacy Pension Managers Limited
NPF Pensions
Progress Trust CPFA Limited
Total (E&P) Nigeria CPFA Limited
Zenith Pensions Custodian Limited
+ AWARDS & CERTIFICATES