The successes attained since the inception of the Contributory Pension Scheme (CPS) in Nigeria are often ascribed to the fundamental structures upon which the system was built. A vital feature of the scheme is the separation of management and custody of pension funds.
While Pension Fund Administrators (PFAs) are saddled with the responsibility of managing pension funds, Pension Fund Custodians (PFCs) are responsible for the custody of the funds. These Pension Fund operators are licensed, supervised and regulated by the National Pension Commission (PenCom).
