Pension Fund Custodians in Nigeria and Their Clients

Pension Fund Custodians (PFCs)

Pension Fund Custodians (PFCs) are companies licensed to carry out the business of keeping safe custody of pension funds and assets in Retirement Savings Account for the employees or contributors (RSA holders) in trust  of the pension fund administrators, PFAs.  The main functions of PFCs are to receive pension contributions on behalf of PFAs; settle transactions and undertake activities relating to the administration of pension fund investments on behalf of PFAs and to notify the PFA within 24 hours of the receipt of pension contributions from employers. The PFCs also keep records of account and remit periodic returns to PenCom, aimed at ensuring adequate supervision and regulation.

In Nigeria, pension fund custodians are licensed by National Pension Commission, PenCom. To obtain license to carry out business as a PFC, the institution must fulfil the requirements as enshrined in Section 62 of the PRA 2014. The Act states that the applicant company must be wholly owned by a licensed financial institution operating in Nigeria with specified net worth as may be determined by the Commission from time to time. Also, the parent company shall issue a guarantee to the full value of pension assets held by the PFC.

There are currently 3 licensed pension fund custodians operating in Nigeria. They are:

• First Pension Custodian Nigeria Limited
• UBA Pensions Custodian Limited
• Zenith Pensions Custodian Limited

First Pension Custodian Nigeria Limited

First Pension Custodian Nigeria Limited

First Pension Custodian Nigeria Limited is a pension custodian wholly-owned by First Bank of Nigeria Limited. The firm was established in 2005 after obtaining operations license from National Pension Commission

As a member of the FirstBank Group, our corporate vision and values are closely aligned to the Group’s brand promise of delivering ultimate “gold standard” value and experience anchored firmly on the four pillars of Entrepreneurship, Professionalism, Innovation and Customer-centricity (EPIC).

First Fund Custodian Services

The mandate of First Pension Custodian is to provide the entire gamut of custodial services as permitted under the Pension Reform Act 2014, in addition to our bouquet of value-adding services. First Pension Custodian services include:

• Pension contributions collection
• Trade settlement
• Pension and benefits payment
• Performance measurement and compliance monitoring
• Portfolio valuations
• Micro-pension

Clients

• Access Pension
• ARM Pension
• Chevrons
• CrusaderSterling Pensions
• Fidelity Pensions Management Limited
• Leadway Pensure
• NLPC PFA
• Norrenberger
• NPF Pensions Limited
• Nupemco
• Oak Pensions
• Premium Pension
• Pal Pensions Alliance Limited
• Radix Pensions Managers
• Stanbic IBTC Pension Managers
• Shell
• Tangerine APT Pensions
• Trustfund Pensions
• Veritas Glanvills Pension

Annuity Clients

• African Alliance Assurance Plc
• AIICO Insurance America International
• AXA
• Cornerstone
• Coronation
• FBNInsurance
• Great Nigeria Insurance Plc
• GoldLink Insurance Plc
• LASACO Asurance Plc
• Niger Insurance Plc

Head Office: Plot 1297 Akin Adesola Street

Victoria Island

Lagos

Tel: +234-1 277 2800, +234 – 277 7801

Abuja Liason Office: 3rd Floor, First Bank of Nigeria Building, No. 2, Plot 451, Jos street, area 3, Garki

Tel: +234812648474, +234 80 234 077 76  

Email: [email protected]

Website: www.firstpensioncustodian.com

UBA Pensions Custodian Limited

UBA Pensions Custodian Limited (UBA Pensions) is a wholly owned subsidiary of UBA Plc, established in September 2005 under the Pension Reform Act 2014 (as amended). A member of the UBA Group, UBA Pensions offers high quality client services leveraging best-in-class technology as key competitive advantages as it thrives to be leading pension fund custodian in Nigeria.

Services.

UBA Pension Fund Custodian services are aimed at providing cutting-edge and exceptional custodial services to meet its clients’ needs. The services encompass all processes of pension assets administration which includes: 

• Safekeeping of Pension Assets
• Contribution Administration
• Trade Settlement, 
• Corporate Actions, 
• Benefits Administration, 
• Proxy Voting, 
• Performance Measurement and Analytics
• Compliance Monitoring and Regulatory Reporting.

UBA Pension Fund Custodian's Clients

UBA Pension Fund Custodian has a number of Pension Fund Administrators, Closed Pension Fund Administrator and Insurance Companies across the country – the best in the business with a growing number of RSA holders — in it’s clientele.

• Access Pensions 
• ARM Pensions
• CrusaderSterling Pensions
• Custodians and Allied Insurance Limited
• FCMB Pensions
• Fidelity Pension Managers Limited
• Heirs Life
• Leadway Pensure
• Nigerian Agip
• NPF Pensions Limited
• Nörrenberger Pensions
• Oak Pensions Limited
• PAL Pensions
• Premium Pension
• Radix Pensions Managers
• Stanbic IBTC Insurance Limited
• Standard Alliance Insurance Plc
• Tangerine APT Pensions
• Trustfund Pensions
• Veritas Glanvills Pensions

Head Office: 3rd and 4th Floors, Plot 22B, Idowu Taylor Street, Victoria Island, Lagos.

Abuja Liaison Office: 2nd Floor, UBA House

18, Adetokunbo Ademola Crescent

Wuse II, Abuja

Tel: +234 – 1 – 2718000-4, +234 – 8113954275

Email: [email protected]

Website: https://www.ubapensions.com

Zenith Pensions Custodian Limited

Head Office: Civic Towers (4th & 5th Floors)

Ozumba Mbadiwe Road, Victoria Island, Lagos

Tel: +234 – 1 – 2712793, +234 – 1 – 2712794, +234 – 1 – 2782906-20

Email: [email protected]

Website: www.zenithcustodian.com