The National Pension Commission (PenCom) has abolished the requirement for Pension Fund Administrators (PFAs) to obtain prior written approval before releasing advertisements and marketing campaign materials.
The regulatory change was disclosed in a circular dated May 8, 2026, and signed by the Director of the Surveillance Department, A.M. Saleem.
According to PenCom, the new policy takes immediate effect and replaces Section 6.3.1 of the Guidelines for the Operations of PFAs, with the aim of reducing bureaucratic delays and improving operational efficiency within the pension industry.
Section 6.3.1 of the Guidelines for the Operations of Pension Fund Administrators (PFAs) mandates that PFAs must obtain prior written approval of the Commission before advertising, promoting or providing information on its products and services about its operations.
What the circular is saying
PenCom stated that although PFAs no longer require advance approval before publishing advertisements, they are still required to notify the Commission before deploying campaigns across broadcast, print, digital, or outdoor media platforms.
- “In furtherance of the Commission’s commitment of promoting operational efficiency, reduce bureaucratic delays, and quicker dissemination of information by PFAs to their potential clients, the Commission deems it necessary to allow PFAs to henceforth release their advertisement and media campaign materials without the prior approval of the Commission.”
The circular outlined several conditions that operators must meet before releasing promotional materials.
It says PFAs must disclose the duration and timelines of advertisements, adding that operators are required to submit copies of creative materials before publication.
The circular noted that the target audience for each campaign must be clearly defined, as PFAs must provide evidence of internal clearance from their Legal and Compliance departments.
The Commission also stated that pension products or services being promoted must already have PenCom’s approval before they can be advertised to the public.
More insights
PenCom emphasized that the removal of prior approval does not reduce regulatory oversight or compliance obligations for pension operators.
The Commission warned that all advertising materials must remain factual, verifiable, and compliant with the Nigeria Data Protection Act (NDPA) 2023 and the Pension Reform Act 2014.
- PenCom prohibited the use of lotteries, prize draws, or inducements in pension advertisements.
- The Commission also banned misleading claims, unaudited financial references, and deceptive fee disclosures.
- PFAs are prohibited from using government symbols, public figures, or institutional assets without proper authorization.
- The circular further requires PFAs to register slogans, taglines, and promotional phrases with the national Trademarks Registry before deployment.
PenCom added that PFAs will remain fully responsible for all advertising content, including campaigns managed by third-party consultants, media agencies, or digital influencers.
What you should know
Last year, PenCom eliminated pre-approval requirement for retirees, granting PFAs full authority to approve and process several categories of retirement benefits without requiring prior approval from the Commission.
This policy change, which took effect on June 1, 2025, is aimed at streamlining pension payments and reducing bureaucratic delays in Nigeria’s Contributory Pension Scheme (CPS).
Under the directive, PFAs can process and approve various benefits, including programmed withdrawals, retiree life annuities, benefits for temporarily unemployed individuals, and refunds for those exempted from the CPS.
This means that RSA holders seeking to access their retirement funds will experience a faster and more efficient approval process.
