The National Pension Commission (PenCom) was established by the Pension Reform Act (PRA) 2014 and later PRA 2014 to ensure effective administration of the Nigerian Pension Industry. It has been empowered by the PRA 2014 to superintend on all pension matters in Nigeria including supervision and regulation of the Contributory Pension Scheme (CPS) and the old Defined Benefits (DB) Scheme as well as the Pension Transitional Arrangement Directorate (PTAD).
The Commission operates under a Board of Directors (Board) headed by a part-time Chairman with the Director General as the Chief Executive Officer. The day – to – day running of the Commission is handled by the Executive Committee, which comprises of the Director General and four Executive Commissioners who are also members of the Board. Each Commissioner heads a Division that is made up of Departments and Units that are headed by Heads of Departments and Units respectively.
The Commission had established institutional and legal frameworks to facilitate the successful implementation of the provisions of the PRA 2014. In this regard, 21 Pension Fund Administrators (PFAs), 4 Pension Fund Custodians (PFCs) and 7 Closed Pension Fund Administrators (CPFAs) were licensed and currently operate in the industry. The total Pension Fund Assets had grown to N5.2 trillion ($26.4 billion) as at December 2015.