PenCom cautions PFOs on technical agreements

Chuks Udo Okonta

The National Pension Commission (PenCom) has called on Pension Fund Operators (PFOs) to henceforth seek approval before executing any technical agreement with parties.

PenCom in a circular signed by its Head, Surveillance Department, Muhammad Datti, entitled, Execution of Technical Agreement With Third Parties, said the Commission has observed that some Licensed Pension Fund Operators execute technical agreements with third parties without obtaining the prior approval of the Commission.


He noted that this is of concern to the Commission especially as it has been observed that some clauses in these agreements are not in line with global best practice, and in view of this, all Licensed Operators are required to: Seek the approval of the Commission with respect to all technical agreements already executed with third parties; and henceforth seek the prior approval of the Commission before executing any form of technical Agreement with third parties.