The National Pension Commission has introduced a new directive that empowers Pension Fund Administrators to approve and process various categories of retirement benefits without prior authorization from the commission.
This policy, set to take effect on June 1, 2025, aims to streamline pension payments and eliminate bureaucratic bottlenecks within Nigeria’s Contributory Pension Scheme.
Previously, PFAs were required to obtain PenCom’s “No Objection” before disbursing funds to Retirement Savings Account holders.