The Tide (Nigeria): Pension commission grants approval to Shell Trustees: Tuesday, September 6, 2005

The National Pension Commission (NPC), has granted approval in principle to Shell Trustees Ltd to operate as a Closed Pension Fund Administrator (CPFA).

A statement issued by the commission, Saturday in Abuja said that the approval was given, after due consideration of set guidelines and criteria for CPFA licence.

Shell Trustee (Nig) Ltd, according to the statement, is a company incorporated by Shell Petroleum Development Company Ltd to manage the pension funds and assets of its employees.

“The CPFAs are one of the three main operators, which will form the backbone upon which the new pension scheme is built,” it added.

It said that due diligence and proper care was being taken to ensure that integrity, trustworthiness and competence were not compromised in the licencing of CPFAs.

The statement further said that the commission had earlier issued AlPs to 13 and 4 applicant companies for licence to operate as Pension Fund Administrators and Pension Fund Custodians, respectively.

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