SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?

Magnartis Finance & Investment Limited

  • LOGIN
  • Home
  • About
    • About Us
    • Management Team
    • Directors
  • Services
    • Stockbroking
    • Portfolio Management
    • Corporate Finance
    • Advisory Services
  • Projects
  • Download
  • Contact
  • Open an account
  • Home
  • Notice to revoke operators’ licence now seven days
  • Capital Market News
  • Notice to revoke operators’ licence now seven days
 

Notice to revoke operators’ licence now seven days

Notice to revoke operators’ licence now seven days

by magna / Wednesday, 01 October 2014 / Published in Capital Market News

Unlike what obtained under the repealed Pension Reform Act 2004 where the National Pension Commission (PenCom) is required to give at least 28 days notice of its intention to the Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC) before revoking their licence, the period has now been reduced to seven days under the new Pension Reform Act 2014.

Specifically, Section 64 (2) of the Pension Act stipulates that “The Commission shall, before revoking any licence, give the Pension Fund Administrator or Pension Fund Custodian at least seven calendar days notice of its intention and shall consider any representations made to it in writing by the Pension Fund Administrator or Pension Fund Custodian within that period before the revocation.”

The notice shall specify the reasons for the revocation of licence.

The revocation of licence of a PFA or PFC shall not in any way prejudice the entitlements of any beneficiaries of the Retirement Savings Account under the Contributory Pension Scheme and other approved schemes.

Notwithstanding the provisions of the Companies and Allied Matters Act, PenCom shall in its revocation order, withdraw the powers of the board of the PFA or PFC over the pension funds and assets held or administered by the company and may appoint administrators with relevant qualifications who shall superintend the transfer of the assets and funds held or administered by the company and exercise the powers of the board where necessary in accordance with this Act.

Besides, PenCom shall cause the Retirement Savings Accounts being managed by the

PFA whose licence was revoked to be transferred to another PFA or PFAs as the case may be and transfer the pension fund and assets being held by a PFC whose license was revoked under to another PFC or PFCs as the case may be.

Again, the commission is further mandated to publish by notice in the Federal Gazette, the list of the PFAs or PFCs whose licences have been revoked.

For the benefit of better understanding, the commission may revoke a licence issued to a PFA or PFC, where the operator is in breach of any conditions attached to the licence issued to it, where the licensee is subject to an insolvency proceeding or where any event occurs which renders the PFA or PFC unable to manage the pension funds or take custody of the pension funds as the case may be; among others.

Source : Independent

About magna

What you can read next

Things are looking up for the college class of 2017 — but not their high school peers
IGP warns NFF against throwing gate open Kaduna stadium crowd
NSE Market Capitalisation Improves By N22bn

Market Capitalization

[visualizer id="161"]

Newsletter Subscription


 

About Us

Magnartis Finance & Investment Ltd (“Magnartis”) is a Dealing Member of The Nigerian Stock Exchange with expertise in Stockbroking and Trade Execution Services.

Download

  • FGN Savings Bond Subscription Form
  • Mandate For Ebonus
  • Cscs Clients Authorization Form For Change Of Bank
  • Cscs Client Bank Update Form
  • Account Opening Form KYC

Research

  • Daily Price List
  • Daily Market Summary
  • Weekly Market Summary
  • Special Reports

Contact Info

16, Boyle Street, Onikan, Lagos, Nigeria

Office Number:
01-4538066

E-mail:
info@magnartis.com

  • GET SOCIAL

© 2014 Magnartis Finance & Investment Limited. All Right Reserved

TOP