The successes attained since the advent of the Contributory Pension Scheme (CPS) in Nigeria are often ascribed to the fundamental structures upon which the scheme was built. A key feature 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 (PFOs) are licensed, supervised, and regulated by the National Pension Commission (PenCom). Therefore, understanding their roles will provide further insight into the workings of the CPS.
