NATIONAL PENSION COMMISSION REGULATIONS FOR THE ADMINISTRATION OF LEGACY PENSION ASSETS

Regulations govern the management of legacy pension assets from pre-existing schemes. They target Pension Fund Administrators and former employees with these assets. This ensures proper protection and timely distribution to rightful beneficiaries.

What Is This Policy?

PenCom regulations governing the management and administration of pension assets arising from pre-CPS pension schemes, including balances transferred from old defined benefit schemes and undistributed legacy funds.

Who Does It Target?

PFAs holding legacy pension assets Former employees with balances from pre-CPS schemes PenCom administration and legal teams PTAD as manager of federal defined benefit legacy

What Does It Aim to Achieve?

Ensure legacy pension assets are properly administered, protected from misappropriation, and eventually distributed to the rightful beneficiaries or transferred to RSAs.

Key Features

Legacy Asset Identification: Defines categories of legacy assets and the conditions under which they are governed by these regulations. Safe Custody: Legacy assets must be held with a licensed custodian and accounted for separately from other pension assets. Beneficiary Identification: PFAs must actively seek to identify and locate beneficiaries of legacy pension accounts. Distribution Process: Prescribes the process for distributing legacy assets once beneficiaries are identified and verified.

Current Status

Rollout Stage: Active Coverage: All legacy pension assets under PenCom's regulatory purview Beneficiaries: Former scheme members and their dependants Funding: Legacy assets themselves

How to Access

Former employees should contact PTAD or their former employer to trace legacy entitlements PFAs must respond to legacy asset enquiries within prescribed timelines Documentation of entitlement required for distribution Application method: Contact PTAD or the relevant PFA managing legacy assets.

Important Terms

Legacy assets not claimed within a defined period may be transferred to a central legacy fund Fraudulent claims for legacy assets are prosecuted Interest continues to accrue on unclaimed legacy balances at the prescribed rate

Official Resources

Website: https://www.pencom.gov.ng Contact: National Pension Commission (PenCom) / PTAD

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.