NATIONAL PENSION COMMISSION CODE OF ETHICS AND BUSINESS PRACTICES FOR LICENSED PENSION OPERATORS
Code · Finance
A Code establishes ethical standards and business practices for licensed pension operators. It targets PFAs, PFCs, and compliance officers to promote integrity in the pension industry. This protects contributors and builds public confidence in the pension scheme.
NATIONAL PENSION COMMISSION CODE OF ETHICS AND BUSINESS PRACTICES FOR LICENSED PENSION OPERATORS
What Is This Policy?
PenCom's code establishing the ethical standards and business conduct requirements that all licensed Pension Fund Administrators and Pension Fund Custodians must observe in their operations.
Who Does It Target?
Licensed Pension Fund Administrators (PFAs) Licensed Pension Fund Custodians (PFCs) PenCom licensing and compliance officers Pension industry employees and agents
What Does It Aim to Achieve?
Ensure the highest standards of ethical conduct in the pension industry, protect contributors from exploitation, and maintain public confidence in the Contributory Pension Scheme.
Key Features
Core Ethical Principles: Articulates core principles including integrity, professionalism, confidentiality, and fair dealing with contributors. Marketing Standards: Prohibits misleading advertising, inducements, and unfair sales practices in marketing pension products. Complaints Handling: Requires all licensed operators to have a formal, accessible complaints resolution process. Employee Conduct: Establishes standards for individual employees including prohibition of bribery and corruption.
Current Status
Rollout Stage: Active Coverage: All licensed pension fund operators nationwide Beneficiaries: Pension contributors; public confidence in the CPS Funding: Not applicable
How to Access
PFAs and PFCs must embed the Code in staff policies and contracts Annual Code compliance certification required from management Employees must be trained on Code requirements at onboarding Application method: Internal implementation within each licensed operator; PenCom monitors compliance.
Important Terms
Serious violations of the Code may result in licence suspension or revocation Whistle-blowers who report Code violations are protected Individual employees who violate the Code may be banned from the pension industry
Official Resources
Website: https://www.pencom.gov.ng Contact: National Pension Commission (PenCom)
Legal Framework
Issued under the Pension Reform Act 2014, which established the National Pension Commission (PenCom) and the Contributory Pension Scheme. Derives authority from PenCom's regulatory mandate under the Pension Reform Act and operates alongside the Investment Regulations for Pension Fund Administrators and the Guidelines for Pension Fund Operators.