The National Pension Commission (PenCom) has approved a new performance-based fee structure for Approved Pension Agents (APAs), according to a September 25 circular signed by Surveillance Director A.M. Saleem.
The revised structure links compensation to key performance indicators, including mobilising contributors for the Personal Pension Plan, facilitating payments, and enabling contingency withdrawals. APAs may also receive up to 40 per cent of management-based fees as an annuitised performance bonus.
PenCom said the move is designed to align incentives with long-term pension fund growth and contributor retention. The commission invited fintechs and corporate entities to apply for APA licences.
The reforms form part of “Pension Revolution 2.0,” aimed at boosting inclusion and protecting retirees. PFAs are also mandated to allocate half of their infrastructure fund to projects in Nigeria
