The National Pension Commission (PENCOM) came to be following the enactment of the Pension Reform Act in 2004. PENCOM was established by the Olusegun Obasanjo administration to ensure the prompt payment of retirement benefits to retired civil servants among other functions.
PENCOM is a Federal government agency established to bridge the gap between the fund managers and the Trustees of the pension funds as well as to ensure that pensions are paid as at when due.
Functions of PENCOM
The National Pension Commission (PENCOM) is charged with the following functions as stipulated in the Pension Reform Act of 2004
- Regulate and supervise the Scheme established under the Act
- Issue guidelines for the investment of pension funds
- Approve, license, regulate and supervise pension fund administrators, custodians and other institutions relating to pension matters as the Commission may, from time to time, determine
- Establish standards, rules and guidelines for the management of the pension funds under the Act
- Ensure the maintenance of a National Data Bank on all pension matters
- Carry out public awareness and education on the establishment and management of the Scheme
- Promote capacity building and strengthen the institution of pension fund administrators and custodians
- Receive and investigate complaints of impropriety levelled against any pension fund administrator, custodian or employer or any of their staff or agents
- Perform such other duties which, in the opinion of the Commission, are necessary or expedient for the discharge of its functions under the Act.
Aside the functions of PENCOM, the agency has the peer to
- Formulate, direct and oversee the overall policy on pension matters in Nigeria.
- Fix the terms and conditions of service including remuneration of the employees of the Commission.
- Request or call for information from any employer or pension fund administrator or custodian or any other person or institution on matters relating to retirement benefit.
- Charge and collect such fees, levy or penalties, as may be specified by the Commission.
- Establish and acquire offices and other premises for the use of the Commission in such locations as it may deem necessary for the proper performance of its functions under the Act.
- Establish standards, rules and regulations for the management of the pension funds under the Act.
- Investigate any pension fund administrator, custodian or other party involved in the management of pension funds.
- Impose administrative sanctions or fines on erring employers or pension fund administrators or custodians.
- Order the transfer of management or custody of all pension funds or assets being managed by a pension fund administrator or held by a custodian whose licence has been revoked under this Act or subject to insolvency proceedings to another pension fund administrator or custodian, as the case may be.
- Do such other things which in its opinion are necessary to ensure the efficient performance of the functions of the Commission under the Act.
PENCOM Board members
PENCOM Board is headed by the Chairman, other members of the board including
- The Director General
- Commissioner Administration
- Commissioner Secretary/Legal Adviser
- Commissioner Technical
- Commissioner Finance and investment
- Commissioner inspectorate
- Representative of the Federal Ministry of Finance
- Representative of the Head of Service of the Federation
- Representative of the Central Bank of Nigeria
- Representative of Security Exchange Commission
- Representative of the National Insurance Commission
- Representative of the Nigerian Union of Pensioners
- Representative of the Trade Union Congress
- Representative of the Nigerian Labour Congress
- Representative of the Nigerian Stock Exchange and
- Director General of the Nigeria Employer Consultative Association.
PENCOM Headquarters and Website
PENCOM headquarters is located at 174 Adetokunbo Ademola Cres, Wuse, Abuja
PENCOM Zonal Offices and their contact
The National Pension Commission (PENCOM) has its zonal offices spread across the six geo political zones in Nigeria. Here is a list of PENCOM Zonal offices and their address.
South-East Zonal Office
Address: Road 1/47 , Udoka Housing Estate
Awka, Anambra State
Tel: 0805 599 9337
North-Central Zonal Office
Address: Plot 1, Aderemi Adeleye Street,
Off Fate Road, GRA, Ilorin, Kwara State
Tel: 0805 599 9341
North-East Zonal Office
Address: Plot No. 10,
Gombe-Biu Road, Gombe, Gombe state
Tel: 0805 599 9339
South West Zonal Office
Address: 88A Oduduwa Crescent,
Ikeja, GRA, Lagos State
Tel: 0805 599 8808
South-South Zonal Office
Address: Plot 9, PCN Layout,
Diamond Hill Calabar, Cross River State
Tel: 0805 599 9332
North-West Zonal Office
Address: No. 22, Kazaure Road,
Bompai, Kano, Kano State
Tel: 0805 599 9335