The National Pension Commission (PenCom) has significantly broadened the reach and effectiveness of pension services in Nigeria. In a recent circular directed at licensed Pension Fund Administrators (PFAs), the Commission outlined measures for establishing and operating branch offices and service centres. This move directly responds to the increasing demand for pension services nationwide.
In addition to the above, other objectives of PenCom are to significantly enhance the geographical coverage of PFAs and elevate their service delivery to Retirement Savings Account (RSA) holders. Since its inception, the Contributory Pension Scheme (CPS) has enrolled over 10 million RSA holders. Pension assets have grown significantly, increasing to N17.29 trillion as of August 2023. The expansion of the CPS in Nigeria has led PenCom to recognise the urgent need for an increased presence of PFAs nationwide.
Section 72 of the Pension Reform Act of 2014 (PRA 2014) empowers PFAs, subject to the approval of PenCom, to establish branch offices within or outside Nigeria. This provision enables a strategic and regulated expansion of the presence of PFAs, aligning with the increasing requirements for pension services across the nation.
