Pension regulator shifts to notification-based system as it seeks faster communication and reduced bureaucracy in industry…..
The National Pension Commission (PenCom) has scrapped the requirement for Pension Fund Administrators (PFAs) to obtain prior written approval before publishing advertisements and marketing campaign materials.
The new directive was contained in a circular dated May 8, 2026, and signed by the Director of the Surveillance Department, A.M. Saleem. It takes immediate effect and replaces Section 6.3.1 of the Guidelines for the Operations of PFAs.
According to the commission, the decision is aimed at reducing administrative delays, improving operational efficiency, and allowing pension operators to communicate more quickly with the public.
Under the revised framework, PFAs are now permitted to release advertisements and promotional campaigns without waiting for regulatory clearance, marking a significant shift in how marketing activities are supervised in Nigeria’s pension industry.
However, the new system does not eliminate regulatory oversight entirely.
PFAs are still required to notify PenCom before deploying any campaign across television, radio, print, digital platforms, or outdoor media. They must also submit copies of all creative materials prior to publication.
The circular further requires operators to clearly state the duration and timeline of each campaign, define the intended target audience, and provide evidence of internal clearance from their legal and compliance departments.
PenCom also stressed that only pension products and services already approved by the commission can be advertised to the public.
While easing approval bottlenecks, the regulator maintained strict compliance standards for all marketing content.
It warned that advertisements must be factual, verifiable, and fully compliant with the Nigeria Data Protection Act (NDPA) 2023 as well as the Pension Reform Act 2014.
The commission also prohibited misleading claims, unverified financial performance figures, and deceptive disclosures of fees.
In addition, PFAs are barred from using lotteries, prize draws, or other inducements to attract customers. The use of government symbols, public figures, or institutional emblems without authorization was also explicitly banned.
PenCom further directed that all slogans, taglines, and promotional phrases must be registered with the Trademarks Registry before use.
Importantly, PFAs will remain fully responsible for all advertising content, including materials developed or distributed by third-party agencies, consultants, or digital influencers.
The latest reform reflects PenCom’s broader push to streamline regulatory processes within Nigeria’s pension sector while maintaining strong oversight of compliance and investor protection.
It also follows a similar policy shift introduced in 2025, when the commission removed the requirement for prior approval of certain retirement benefit processes.
That earlier reform allowed Pension Fund Administrators to directly process and approve categories such as programmed withdrawals, retiree annuities, and refunds for eligible contributors, significantly reducing delays in accessing pension benefits under the Contributory Pension Scheme.
With the latest change, both pension payments and promotional communications are now being progressively moved toward a faster, less bureaucratic regulatory model.
