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The National Pension Commission (PenCom) has reiterated its zero-tolerance stance against inducement of Retirement Savings Account (RSA) holders, warning Pension Fund Administrators (PFAs) of strict sanctions for violations.
In a circular signed by the Director of Surveillance, A.M. Saleem, and referenced PenCom/INSP/CIR/Surv/2025/1379, the regulator reminded PFAs of its earlier directive issued on September 14, 2022, which prohibits offering gifts, cash, or other incentives to sway RSA transfer decisions.
PenCom stressed that any PFA found engaging in financial or non-financial inducements would face immediate regulatory action. Such PFAs will be barred from receiving RSA transfers and subjected to additional sanctions in line with the Framework for the Regime of Sanctions.
“The Commission hereby emphasises its zero tolerance for any form of inducement. Any PFA offering, granting, or facilitating inducements to influence an RSA holder’s transfer decision shall face immediate consequences,” PenCom warned.
The Commission noted that the directive takes immediate effect, underscoring its commitment to ensuring transparency, fairness, and accountability in Nigeria’s contributory pension scheme.
This comes as part of broader regulatory measures to safeguard pension contributors. Just last month, PenCom cautioned financial institutions and employers against coercing workers or vendors into choosing specific PFAs, particularly those tied to employers or pension custodians.
Through these measures, PenCom aims to strengthen public confidence in the pension system and protect contributors’ rights from undue interference.
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