Section 57: Functions of Pension Fund Custodians.

A Pension Fund Custodian shall-
(a) receive the total contributions remitted by the employer under section 11 of this Act on behalf of the Pension Fund Administrator and credit the account of the pension funds administrator immediately;
(b) notify the Pension Fund Administrator within 24 hours of the receipt of contributions from any employer;
(c) hold pension funds and assets in safe custody on trust for the employee and beneficiaries of the retirement savings account;
(d) on behalf of the Pension Fund Administrator, settle transactions and undertake activities relating to the administration of pension fund investments including the collection of dividends, bonus, rental income, commissions and related activities;
(e) report to the Commission on matters relating to the assets being held by it on behalf of any Pension Fund Administrator at such intervals as may be determined, from time to time, by the Commission;
(f) undertake statistical analysis on the investments and returns on investments with respect to pension funds in its custody and provide data and information to the Pension Fund Administrator and the Commission;
(g) execute in favour of the Pension Fund Administrator relevant proxy for the purpose of voting in relation to the investments; and
(h) carry out other functions as may be prescribed by regulations and guidelines issued by the Commission, from time to time