12. Who is a Pension Fund Administrator (PFA)?

A PFA is a company licensed by the National Pension Commission (PenCom) for the sole purpose of managing and administering pension and other retirement benefit schemes’ assets. Some of the PFAs are licensed to manage and administer retirement benefit schemes for staff of organizations that had existing pension schemes prior to the commencement of the CPS in 2004. These companies are called Closed Pension Fund Administrators (CPFAs).