Section 60: Requirements for licence as a Pension Fund Administrator

(1) An application for licence to operate as a Pension Fund Administrator shall not be granted unless the applicant-
(a)
is a limited liability company incorporated under the Companies and Allied Matters Act whose object is to manage pension funds;
(b) has a minimum paid up share capital of such sum as maybe prescribed, from time to time, by the Commission;
(c) satisfies the Commission that it has the professional capacity to manage pension funds and administer retirement benefits;
(d) has never been a manager or administrator of any fund which was mismanaged or has been in distress due to any fault, either fully or partially, of the Pension Fund Administrator or any of its subscribers, directors or officers;
(e)
undertakes to the satisfaction of the Commission, that it shall not be engaged in any business other than the management of pension funds; and
(f) satisfies any additional requirement or condition as may be prescribed, from time to time, by the Commission.
(2)
All companies and institutions already engaged in the management of pension funds who are not licensed by the Commission shall, at the commencement of this Act, compute and credit all contributions to the Retirement Savings Account opened by them for each contributor including distributable income.
(3)
All companies and institutions referred to in sub-section (2) of this section shall transfer all pension funds and assets held by them to Pension Fund Administrators and Pension Fund Custodians as may be determined by the Commission
(4)
Pursuant to the provisions of section 116 of the Companies and Allied Matters Act, the voting rights of every shareholder in a Pension Fund Administrator or Pension Fund Custodian shall be proportionate to his contribution to the paid-up share capital of the Pension Fund Administrator or Pension Fund Custodian.