NATIONAL PENSION COMMISSION REVISED FUND ACCOUNTING GUIDELINES
Guideline · Finance
Guidelines specify accounting standards, valuation methods, and financial reporting requirements for pension fund assets managed by Pension Fund Administrators. They target Pension Fund Administrators, their finance teams, Custodians, external auditors, and regulatory officers. This ensures consistent and transparent reporting to protect contributors.
NATIONAL PENSION COMMISSION REVISED FUND ACCOUNTING GUIDELINES
What Is This Policy?
Updated PenCom guidelines specifying the accounting standards, valuation methods, and financial reporting requirements for pension fund assets managed by Pension Fund Administrators.
Who Does It Target?
Pension Fund Administrators and their finance teams Pension Fund Custodians External auditors of pension funds PenCom surveillance and examination officers
What Does It Aim to Achieve?
Ensure consistent, accurate, and internationally comparable financial reporting of pension fund assets, protect contributors through transparent valuation, and facilitate effective PenCom oversight.
Key Features
Mark-to-Market Valuation: All pension fund assets must be valued at current market prices at each reporting date. NAV Calculation: Prescribes the methodology for calculating Net Asset Value (NAV) per unit for each RSA fund class. Financial Statements: Defines the format and content of audited annual and unaudited quarterly financial statements for pension funds. Audit Requirements: Annual financial statements must be audited by an approved external auditor and filed with PenCom.
Current Status
Rollout Stage: Active Coverage: All licensed PFAs and their managed pension funds Beneficiaries: Pension contributors through transparent fund accounting Funding: PFA operational costs
How to Access
PFAs must adopt the revised fund accounting guidelines from the effective date Annual audited accounts must be filed with PenCom within 90 days of year-end Quarterly management accounts filed within 30 days of quarter-end Application method: PFAs implement internally. External auditors engaged by each PFA.
Important Terms
Accounting policies must be consistently applied across periods Any change in accounting policy requires PenCom prior approval Misrepresentation of NAV is a serious regulatory violation
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.