Section 55: Functions of Pension Fund Administrators.

A Pension Fund Administrator licensed under this Act shall-
(a)
(open Retirement Savings Account for all employees with a Personal Identity Number (PIN) attached;
(b)
invest and manage pension funds and assets in accordance with the provisions of this Act;
(c)
maintain books of account on all transactions relating to pension funds managed by it;
(d)
provide regular information on investment strategy, market returns and other performance indicators to the Commission and employees or beneficiaries of the retirement savings accounts;
(e)
provide customer service support to employees including access to employees account balances and statements on demand;
(f)
cause to be paid retirement benefits to holders of retirement savings account in accordance with the provisions of this Act;
(g)
be responsible for all calculations in relation to retirement benefits; and
(h)
carry out other functions as may be directed, from time to time, by the Commission.