The National Pension Commission (PenCom) has issued a new directive that grants Pension Fund Administrators (PFAs) the full authority to approve and process several categories of retirement benefits without requiring prior approval from the Commission.
This policy change, which takes effect on June 1, 2025, is aimed at streamlining pension payments and reducing bureaucratic delays in Nigeria’s Contributory Pension Scheme (CPS).
Previously, PFAs were required to seek PenCom’s “No Objection” before disbursing funds to Retirement Savings Account (RSA) holders.