The National Pension Commission (PENCOM) has officially extended the deadline for compliance with its revised minimum capital requirements for Licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), granting existing operators an additional six months to meet the new standards.
In an addendum released this week to its earlier circular dated 26 September 2025 (Ref: PenCom/INSP/Surv/2025/1255), the Commission announced that the new compliance deadline is now set for 30 June 2027, superseding the previous deadline of 31 December 2026.
“This Addendum provides additional clarifications to the revised regulatory capital requirements,” stated the addendum signed by A. M. Saleem, Director of the Surveillance Department at PENCOM.
The addendum outlines several important updates to the capital computation framework:
These exclusions aim to refine the capital surcharge mechanism and ensure a more accurate reflection of risk exposure.
PENCOM reiterated its commitment to rigorous oversight. The Commission will continue to monitor compliance biannually through audited financial statements. Any shortfall in meeting the capital requirements must be rectified within 90 days of notification.
“The revised capital requirements remain effective immediately for new licenses,” the Commission emphasized, reinforcing its stance on maintaining financial stability and integrity within the pension sector.
The extension offers breathing room for existing PFAs and PFCs, many of whom have been grappling with the implications of the revised capital thresholds. By incorporating the SRF and refining AUM calculations, PENCOM appears to be balancing regulatory rigor with operational flexibility.
All inquiries regarding the addendum are to be directed to the Surveillance Department, as signed by Director A. M. Saleem.
In September, PENCOM announced a sweeping revision to the capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), raising the minimum threshold for PFAs to N20 billion.