Section 53: Funds with Nigeria Social Insurance Trust Fund.

(1)
The Nigeria Social Insurance Trust Fund shall continue to maintain the company it established under the Pension Reform Act, 2004 to undertake the business of a Pension Fund Administrator in accordance with this Act.
(2)
The funds contributed to the Nigeria Social Insurance Trust Fund by any person before the registration of a pension fund administrator under this Act including any attributable income thereof not required for the purpose of administering minimum pension as determined by the Commission shall be computed and credited into the respective retirement savings accounts opened under this Act by each contributor or beneficiary of the contributions made under the Nigeria Social Insurance Trust Fund Act.
(3)
Where a person who contributed any fund under the Nigeria Social Insurance Trust Fund Act has retired before the commencement of this Act, the funds due to him shall be paid to him in accordance with section 7 of this Act or in lump sum in accordance with the rules and regulations of the Commission.
(4)
Where a person who contributed any fund under the Nigeria Social Insurance Trust Fund has died before the commencement of this Act, the estate or beneficiary of the deceased shall be paid the entitlement of such deceased person subject to the provisions of the Nigeria Social Insurance Trust Fund Act.
(5)
All pension funds and assets held and managed by the Nigeria Social Insurance Trust Fund shall, pursuant to rules made by the Commission, be transferred to a Pension Fund Custodian or Administrator.
(6)
The Commission shall directly supervise the transfer of funds pursuant to sub-section (4) of this section and all necessary payments under this section.