PenCom Authorises PFAs to Appoint Auditors, Actuaries to Safeguard Pension Schemes

The National Pension Commission (PenCom) has authorised Pension Fund Administrators (PFAs) to appoint external auditors and actuaries for Approved Existing Schemes (AES) and Additional Benefits Schemes (ABS), in a move aimed at strengthening compliance, transparency, and the long-term sustainability of pension schemes.

The directive was contained in a circular issued to all licensed PFAs and signed by the Director of PenCom’s Surveillance Department, A. M. Saleem. According to the Commission, the decision followed persistent failures by Trustees and Sponsor Companies to appoint external auditors and actuaries for their schemes, as required by law.

Meanwhile, PenCom has also directed all self-funded Federal Government agencies whose salary structures are covered by circulars issued by the National Salaries, Incomes and Wages Commission (NSIWC) to implement approved pension increases for eligible retirees. Agencies not listed in the NSIWC circulars were advised to engage the Commission to determine the applicable pension adjustments for their retirees.

The new measures underscore PenCom’s commitment to strengthening pension governance, protecting contributors’ interests, and ensuring the long-term viability of pension schemes across the country.