PenCom Scraps Pre-Approval for PFA Advertisements, Marketing Campaigns
By Aboki Forex —
The National Pension Commission (PenCom) has removed the requirement for Pension Fund Administrators (PFAs) to get prior written approval before releasing advertisements and marketing campaign materials. The directive takes immediate effect, according to a circular dated May 8, 2026, signed by A.M. Saleem, Director of the Surveillance Department.
PenCom said the change replaces Section 6.3.1 of the Guidelines for the Operations of PFAs. That section previously mandated PFAs to obtain the Commission’s written consent before advertising or promoting their products and services. The new policy is designed to reduce bureaucratic delays and improve operational efficiency across the pension industry.
What the Circular Says
PFAs no longer need advance approval to run advertisements. But they must still notify the Commission before deploying campaigns on broadcast, print, digital, or outdoor media platforms. PenCom explained that the move supports quicker dissemination of information to potential clients.
The circular sets conditions for releasing promotional materials. PFAs must disclose the duration and timelines of advertisements. They must also submit copies of creative materials before publication. The target audience for each campaign must be clearly defined. PFAs are required to provide evidence of internal clearance from their Legal and Compliance departments.
PenCom stressed that pension products or services being promoted must already have the Commission’s approval before they can be advertised to the public.
More Insights
PenCom emphasised that removing prior approval does not reduce regulatory oversight or compliance obligations. All advertising materials must remain factual, verifiable, and compliant with the Nigeria Data Protection Act (NDPA) 2023 and the Pension Reform Act 2014.
The Commission banned the use of lotteries, prize draws, or inducements in pension advertisements. Misleading claims, unaudited financial references, and deceptive fee disclosures are also prohibited. PFAs cannot use government symbols, public figures, or institutional assets without proper authorisation.
The circular requires PFAs to register slogans, taglines, and promotional phrases with the national Trademarks Registry before deployment. PenCom added that PFAs 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 requirements for retirees. That change, effective June 1, 2025, gave PFAs full authority to approve and process several categories of retirement benefits without prior Commission approval. The move aimed to streamline pension payments and reduce delays under the Contributory Pension Scheme (CPS).
Under that directive, PFAs can process and approve programmed withdrawals, retiree life annuities, benefits for temporarily unemployed individuals, and refunds for those exempted from the CPS. RSA holders now experience faster and more efficient approval processes.