NATIONAL PENSION COMMISSION REGULATIONS FOR COMPLIANCE OFFICERS
Regulation · Finance
Regulations require licensed Pension Fund Administrators and Custodians to appoint compliance officers for monitoring adherence to laws. They target these operators and their staff to foster internal oversight. This helps in early detection of violations and strengthens regulatory compliance.
NATIONAL PENSION COMMISSION REGULATIONS FOR COMPLIANCE OFFICERS
What Is This Policy?
PenCom regulations requiring all licensed PFAs and PFCs to appoint a dedicated compliance officer who is responsible for monitoring and ensuring the operator's adherence to all applicable laws, regulations, and guidelines.
Who Does It Target?
Licensed PFAs and PFCs Appointed compliance officers of pension operators PenCom licensing and supervision officials HR departments appointing compliance officers
What Does It Aim to Achieve?
Embed a culture of compliance within licensed pension operators by requiring dedicated compliance oversight, ensuring early detection of violations, and reducing the burden of external PenCom examination.
Key Features
Mandatory Appointment: Every licensed operator must appoint a qualified, dedicated compliance officer who reports directly to the board. Qualification Standards: The compliance officer must hold prescribed qualifications in law, finance, or compliance and have relevant experience. Independence: The compliance officer must be independent from business units whose activities they oversee. Reporting Obligations: The compliance officer submits quarterly compliance reports to PenCom and annual compliance certificates.
Current Status
Rollout Stage: Active Coverage: All licensed pension operators Beneficiaries: Pension contributors; regulatory system efficiency Funding: Operator operational costs
How to Access
Compliance officer appointments must be approved by PenCom Annual compliance certificates signed by the compliance officer must be filed with PenCom Compliance officers must attend mandatory PenCom training Application method: Submit compliance officer approval to PenCom Licensing Department.
Important Terms
The compliance officer has a personal duty to PenCom that overrides internal employer instructions in compliance matters Dismissal of a compliance officer requires PenCom notification False compliance certificates attract criminal liability
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.