Pension Reform Act and PFA in Nigeria. It is worth noting that no single PFA was dominant in all the four funds. May be, fiscal policy may become a more potent instrument of economic management, if that happens. Off Adetokunbo Ademola Crescent We were incorporated on April 14, 2005 to manage and administer retirement savings contributions of employees in Nigeria as a result of the Pension Reform Act of 2004. Nigerian pension fund managers increased in investments in government fixed-income securities in November 2020 as the country continued to face uncertainties amidst the … While Fund IV with 22 PFAs, recorded 9.01% return on investment. According to the report from Pension Nigeria, no PFA had negative returns on investment (ROI) during the period under review, indicating that all […] The new pension scheme requires pension funds to be privately managed by licensed Pension Fund Administrators. glory.etaduovie@ieianchorpensions.com, Plot 871, Tafawa Balewa Way Fug Pensions Limited is a Nigerian pension fund administration service outlet for pre-retirement training and counseling services. List Of 21 Licensed Pension Fund Administrators In Nigeria 1.AIICO Pension Managers Limited. (9346 Views) Is It Possible To Change PENSION FUND ADMINISTRATOR ? Majority of the funds ended 2020 in the black, as 15, out of the 118 mutual funds on the SEC’s NAV Summary Report. Phone E-mail Website. Premium Pension Limited is a reputable pension fund administration service arena in Nigeria for pension managerial services. Oak Pensions This translates to… This is the Retiree Fund. FMBN House, Plot 266 CAD zone AO, Central Business District, Lagos. You can also use this app to calculate how much your expected pension will be. Lagos, +234 1 2793580 – 2, Labour House BY ZAKA KHALIQ | The Pension Fund Administrators (PFAs) have invested N8.1 trillion from the nation’s N12.29 trillion pension assets, in federal government securities, as at the end of November, 2020, LEADERSHIP can now reveal. The Contributory Pension Scheme requires pension funds to be privately managed exclusively by licensed Pension Fund Administrators (PFA). We were incorporated on April 14, 2005 to manage and administer retirement savings … READ: Nigeria’s Asset to GDP Ratio Is low despite rise in Mutual Fund value. The Net asset value of all PFAs in the country as of November 2020 stood at N12.3 trillion, marginally up by +1.98% Month-on-Month. NLPC Pension Fund Administrators Limited (NLPC PFA) is the home of tested, trusted and effective pension fund administration in Nigeria. * Poor standard of living, occassined by poverty among pensioners in Nigeria. 0 review(s) | Closed Pension Fund Administrators This is according to recent data from the National Pension Commission (PenCom), which revealed that the amount invested by PFAs on FGN securities including; Bonds, Treasury Bills, etc., increased from N7.85 trillion as of October 2020 to N8.14 trillion by the end of November 2020. The Nigeria’s pensioners indeed expect so much from the pension administrators, and from such expectations, which means that, every gain or return made from investment should be made available to those, who contributed the money, I mean, the employees, since the money belonged to them, with the exception of the other minimal fees and minimal charges expected for the pension administrators. +234 1 4614704-5, Off Faskari Crescent The breakdown of the amount invested on various FGN securities within the period under review are: Read Also: Pension Fund Assets hits N9.3 trillion as investment in FGN securities drops. This indicates a growth of 4.3% Month-on-Month. … Chapter One. The main functions of the PFAs are to open Retirement Savings Accounts (RSA) for employees, invest and manage pension fund assets, payment of retirement benefits, and accounting for all transactions relating to … Effective from 2nd July 2018, the MultiFund Structure for Retirement Savings Accounts (RSA) was required to be implemented across all the PFAs in Nigeria. +234 1 7737432, Plot 2, Oba Akran Avenue Abuja, hamisu.idris@investment-onepension.com enquiries@investment-onepension.com, 121/123 Funsho Williams Avenue 14 Trustfund Pensions Plc Plot 820/821, Labour House Central Area, Garki, Abuja Abuja, Nigeria: Pen and Pages Ltd. QUARTERLY JOURNAL OF CONTEMPORARY RESEARCH, FEDERAL UNIVERSITY OTUOKE, Vol 1&2, Mar. Central Business District This is due to increases in pension that are not in accordance with salary inflation and/or lack of pension entitlements increase whatsoever. Ikeja Lagos +234 8157306868-MD +234 1 2624667 +234 1 2625003 +234 1 2624174 (Fax) Investment in Treasury Bills declined to N642.03 billion, down by -1.7% Month-on-Month. Let’s find out who they are, what they do, and how to find a reliable one. We were incorporated on April 14, 2005 to manage and administer retirement savings contributions of employees in Nigeria as a result of the Pension Reform Act of 2004. Since then, assets under management has risen to c.NGN467billion for more than 750,000 registered contributors as at the end of September 2020. Pension Fund Administrators in Nigeria and its Evolution. +234 1 4627067, Shell Nig. Compared to 2019, the capital activities, comprising of subscriptions and redemptions were slightly far afield. In Nigeria, the requirement for the Contributory Pension Scheme is that the pension funds are to be privately and exclusively managed by licensed Pension Fund Administrators (PFA). The voluntary contribution provides various packages for people who want to set up different goals for their pensions. (Economist, 2008). +234 9 4615707-9, Lagos, +234 1 2715500, +234 1 2625003 4, Agwu Street +234 8078450652, Fidelity Pension Managers Limited, a subsidiary of Fidelity Bank Plc. 29 Durban Street Victoria Island, Lagos, +234 1 4626963, Search more about Pension Fund Administration at VConnect. The Commission considers applications for license to operate as a PFA from entities that fulfil the requirements as enshrined in Section 60 of the PRA 2014. Get project topics and ideas with materials. Apparently, the Real Estate Investment Trust funds have not been doing good. (Read Also: Lagos approves 33% increase for all state pensioners). 12 out of the 22 PFAs performed above the average ROI of 9.28%, for all the funds put together. The main functions of the PFAs are to open Retirement Savings Accounts (RSA) for employees, invest and manage pension fund assets, payment of retirement benefits, and accounting for all transactions relating to the pension funds under their management. Conclusion On The Problems Of Pension Fund Administration In Nigeria As you have seen from the article in the paragraphs above the Nigerian pension management situation is full of challenges ranging from a lack of interest on the part of workers to a lack of government involvement in the areas of monitoring, enforcement, and sensitization of the workers involved. Area 3 A deeper analysis of the industry reveals that in 2020, mutual fund contributions amounted to about N0.903 trillion while redemptions amounted to about N0.42 trillion. +234 1 7610812, READ: Nigeria’s Micro Pension industry: A gold mine waiting to be tapped. 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