April 28, 2023 10:57 AMThe National Pension Commission has highlighted some of the responsibilities of the pension fund administrators to employees, as they perform “an array of functions under the contributory pension scheme ”.
According to the organisation, PFAs are saddled with the responsibility of managing pension funds while pension fund custodians are responsible for the custody of the funds.The commission said it licences, supervises, and regulates the pension fund operators, “To open an RSA, the employee has to complete the RSA registration forms and provide other necessary documentation.CREDITING INDIVIDUAL RSAs/ INVESTMENT DECISIONSThe agency explained that the employer deducts the monthly pension contributions and remits them to the PFC with an accompanying schedule containing the employees’ names, RSA PINs and other details.“The PFC, in turn, advises the PFA upon receiving the contributions and schedules,” PenCom added.
“These investment decisions must be in accordance with the investment regulations issued by PenCom. All incomes earned are exclusively for the benefit of contributors. The PFA is also responsible for obtaining necessary approvals from PenCom and “issuance of instructions to the PFC to disburse retirement benefits”.
The agency added that the PFAs must have the necessary technology to facilitate access to their services for RSA holders.PFAs, TheCable understood, also maintain proper books of account and render off-site returns to PenCom. This off-site returns assist PenCom in supervising the PFAs adequately.
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