The National Pension Commission (PenCom) has granted a licence to Nigerian University Pension Management Company (NUPEMCO).
A statement signed by the Head of PenCom’s Corporate Communication, Peter Aghahowa, released on Monday indicated that the licence would enable NUPEMCO to carry out the business of a Pension Fund Administrator (PFA).
“This approval is consequent upon a detailed evaluation of NUPEMCO’s compliance with the requirements, terms and conditions stipulated by the Commission,” the statement stated.
NUPEMCO is expected to open Retirement Saving Accounts (RSAs) for its customers, manage their pension contributions and place them on retirement plans when they exit active service.
