‘Open branches in all geo political zones’, PenCom tells PFAs
By Patience Ikpeme
Pension Fund Administrators (PFAs) have being directed by the National Pension Commission to open branch offices in atleast two states in each geo-political zone in the country.
Pension Fund Administrators (PFAs) have also being directed to open an office in any state where it has about 10,000 funded Retirement Savings Account, RSA’.
All these is necessary to meet the increasing demand for pension services in the country .
This was made known on Wednesday in Abuja, in a circular issued by PenCom to all PFAs and custodians titled: “Circular on the operations of branch offices and service centers by licenced pension fund Administrators”.
According to the circular, it was stated that ” 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 services by the public .
To address the need for more efficient service delivery in PenCom’s branches, the commission has issued new minimum requirements for the operations of branch offices and service centers which were not contained in the previous circular issued by the commission.
The commission stated that these new directives will ensure efficient service delivery to Retirement Savings Account holders (RSA’s) by the Pension Fund Administrators (PFAs).
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).
The circular added that 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.
PenCom also stated that “notwithstanding (i) (ii) and (iii) above, every PFA shall have branch offices in, at least, two states in each geo-political zone of the country.”
