GUIDELINES FOR APPOINTMENT TO BOARD AND TOP MANAGEMENT POSITIONS OF PFAS AND PFCS
Guideline · Finance
Guidelines specify qualification, experience, and character requirements for appointments to board and top management positions in Pension Fund Administrators and Custodians. They target nominees, shareholders, and PenCom's licensing department. This ensures competent and integrity-driven leadership to protect pension contributors.
GUIDELINES FOR APPOINTMENT TO BOARD AND TOP MANAGEMENT POSITIONS OF PFAS AND PFCS
What Is This Policy?
PenCom guidelines specifying the qualification, experience, and character requirements for persons appointed as directors and senior management of licensed Pension Fund Administrators and Pension Fund Custodians.
Who Does It Target?
Nominees for board and senior management positions in PFAs and PFCs Shareholders making director nominations PenCom licensing department reviewing appointments HR and governance functions of pension operators
What Does It Aim to Achieve?
Ensure that only qualified, competent, and persons of integrity are appointed to leadership roles in pension operators, protecting the interests of pension contributors.
Key Features
Fit and Proper Test: Nominees must pass PenCom's fit and proper assessment covering educational qualifications, professional experience, and character. Prior Approval: PenCom approval must be obtained before any board or senior management appointment takes effect. Prohibited Persons: Persons with criminal convictions, regulatory sanctions, or involvement in failed financial institutions may not be appointed. Tenure Limits: Guidelines may specify maximum tenure periods for certain positions to promote board renewal.
Current Status
Rollout Stage: Active Coverage: All PenCom-licensed PFAs and PFCs Beneficiaries: Pension contributors; good governance of pension industry Funding: Not applicable
How to Access
Nominees must complete PenCom's application forms and provide supporting documentation Reference checks are conducted by PenCom as part of the approval process Approval must be received before the nominee assumes the role Application method: Submit appointment applications to PenCom Licensing Department.
Important Terms
Appointments made without PenCom approval are invalid PenCom may revoke approval if information provided is found to be false Approved persons who subsequently become disqualified must be removed
Official Resources
Website: https://www.pencom.gov.ng Contact: National Pension Commission (PenCom)
Legal Framework
Issued under the regulatory powers of the National Pension Commission (PenCom) pursuant to the Pension Reform Act 2014. The Commission's fit and proper person requirements draw on the Banks and Other Financial Institutions Act (BOFIA) 2020 standards, the Companies and Allied Matters Act (CAMA) 2020 on director eligibility, and the Code of Corporate Governance for Licensed Pension Operators. Aligns with IOPS Principles on Private Pension Supervision.