By Tony Obiechina, Abuja
The National Pension Commission, PenCom, has directed all Pension Fund Administrators, PFAs, to open branch offices in at least two states in each geo-political zone of the country.
PenCom also directed PFAs to open a branch office in any state where it has up to 10,000 funded retirement savings accounts, RSAs.
The directive is contained in a circular issued by PenCom to all PFAs and custodians titled: “Circular on the operations of branch offices and service centres by licenced pension fund administrators.”
PenCom noted that the move became necessary in order to meet the increasing demand for pension service by the public.
The circular stated: “The Commission has observed the need for greater presence of pension fund administrators (PFAs) across the country in order to meet the increasing demand for pension service by the public.
The Commission has also observed the need for more efficient service delivery by PFAs at their branches. To address this issue, the Commission has issued new minimum requirements for the operation of branch offices as well as service centers which were not covered under the previous circular issued by the Commission is this regard.”
PenCom also stated that the new directive will ensure more efficient service by PFAs to Retirement Savings Account, RSA, holders. READ ALSO:
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The circular stated: “The following are the conditions for opening branch offices and service centres: i. A PFA is required to open a branch office in any state where it has up to 10,000 funded retirement savings accounts (RSAs); ii. A PFA shall in addition to (i) above, be required to open a service centre in a different location within the state, for every additional 10,000 funded retirements savings accounts (RSAs); iii. Notwithstanding (i) and (ii) above, a PFA shall open a service centre in a state where it has up to 2,000 funded RSAs; iv. any PFA that is managing the pension funds of state government employees or any other pension scheme under the contributory pension scheme(CPS), shall open a branch office in the state capital, immediately the states commences funding of the scheme; v. notwithstanding (i) (ii) and (iii) above, every PFA shall have branch office in, at least, two states in each geo-political zone of the country.”
