Section 47: Transfer of assets of the pension offices existing before this Act.

(1)
As from the commencement of this Act, the responsibilities, funds, assets or liabilities of all pension offices in the Public Service of the Federation and the Federal Capital Territory existing before the commencement of this Act shall be vested in the Federal Government Pension Transitional Arrangements Directorate and the Federal Capital Territory Pension Transitional Arrangements Directorate respectively as provided under this Act to cover for category of those exempted under section 5(1)(b) of this Act.
(2)
All funds meant for payment of pension or retirement benefits with all pension offices shall be transferred to the Central Bank of Nigeria for use by the Accountant-General of the Federation for the payment of pension.