Pension Fund Administrators (PFAs), as investment fiduciaries, act on behalf of Retirement Savings Account (RSA) holders to manage pension funds. PFAs are required to put the interests of RSA holders ahead of their own, with a duty to preserve good faith and trust. As fiduciaries, PFAs are bound by the Pension Reform Act 2014 (PRA 2014) and regulations and guidelines issued by the National Pension Commission (PenCom) to act in the RSA holders’ best interests.
The Contributory Pension Scheme (CPS) is often described as fully funded because individual RSAs are funded monthly with pension contributions from employers and employees.
