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.

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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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