Nigerian Universities Get Separate Pension Company
Universities have been on strike and part of their demand to reopen the classrooms is to be allowed to operate a separate pension fund company.
That demand has now been granted as the Federal Government has approved the issuance of a licence to Nigerian University Pension Management Company Limited to carry out the business of a Pension Fund Administrator.
The National Pension Commission stated that the approval was consequent upon a detailed evaluation of NUPEMCO’s compliance with the requirements, terms and conditions stipulated by the commission.
According to PenCom, more information will be released on how the new PFA will handle the pension of university retirees.
This is not the first time a public establishment is getting a dedicated PFA.
In 2014, PenCom last granted an operating licence to the Nigeria Police Force Pensions as a PFA, after fulfilling very stringent licensing requirements.
The NPF Pensions was licensed to administer the pension contributions of personnel of the NPF under the Pensions Reform Act 2014.
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