By Modupe Gbadeyanka
The Nigerian University Pension Management Company (NUPEMCO) has finally secured a licence from the National Pension Commission (PenCom) to operate as a Pension Fund Administrator (PFA).
A circular signed last week by Head of Corporate Communications at PenCom, Mr Peter Aghahowa, said the firm was given the approval to function as a PFA after meeting the agency’s requirements, terms and conditions.
According to the circular, NUPEMCO shall serve members and employees of Academic Staff Union of Universities (ASUU), National University Commission (NUC), Non-Academic Staff Union of Educational and Associated Institutions (NASU), Senior Staff Association of Nigerian Universities (SSANU) and National Association of Academic Technologist (NAAT).
With this development, NUPEMCO will open Retirement Saving Accounts (RSA) for its customers, manage their pension contributions and place them on retirement plans when they exit active service.
PenCom said “any employee of the organisations that desires to move his/her RSA to NUPEMCO will be required to fill and submit a transfer consent form which is a prerequisite for PenCom to approve the transfer of his/her RSA to the new PFA.”
“Accordingly, those employees that are not desirous of moving their RSAs to NUPEMCO are at liberty to remain with their existing PFAs.
“New employees of these organisations are also at liberty to choose NUPEMCO or other PFAs,” the circular emphasised.
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