From June 1, 2025, PFA’s no longer need PenCom’s approval before processing & disbursing benefits.
- PFAs must process eligible applications within 2 working days once all documents are received.
- PFCs must ensure payment of approved benefits within 24 hours of getting PFAs’ instructions.
- RSA holders should submit retirement documents at least 6 months before retirement for smooth processing.
NB:
- PFA (Pension Fund Administrator) – Manages and administers pension funds on behalf of employees.
- PFC (Pension Fund Custodian) – Usually banks, hold pension funds in custody and ensures payments are made as instructed by PFAs.
- RSA (Retirement Savings Account) – An individual pension account where monthly contributions are saved for retirement.