PenCom Raises Capital Requirement for PFAs to N20 Billion
The National Pension Commission (PenCom) has raised the capital requirement for Pension Fund Administrators (PFAs) in Nigeria from N2 billion to N20 billion. This tenfold increase aims to enhance financial stability and operational resilience in the pension industry.
PFAs with Assets Under Management (AUM) of N500 billion must maintain a capital base of N20 billion, with additional requirements for exceeding AUM thresholds. Special Purpose PFAs have specific capital requirements, with NPF Pensions Limited needing N30 billion and Nigerian University Pension Management Company Limited requiring N20 billion.
The revision also includes an increase in the minimum capital requirement for Pension Fund Custodians (PFCs) from N2 billion to N25 billion, reflecting the industry's growth and complexity.
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