PenCom grants NUPEMCO licence

PenCom grants NUPEMCO licence


The National Pension Commission (PenCom) has granted licence to Nigerian University Pension Management Company (NUPEMCO).

According to a document signed by PenCom’s Head of Corporate Communications, Peter Aghahowa, at the weekend, the licence would enable NUPEMCO to carry out the business as 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 noted.

NUPEMCO is expected to open Retirement Saving Accounts (RSA) for its customers, manage their pension contributions and place them on retirement plans when they exit active service.