Section 76: Penalty for non-compliance.

(1)
Pension Fund Administrator or Pension Fund Custodian who fails to comply with any of the provisions of sections 73, 74 and 75 of this Act shall pay a penalty of N1,000,000 to the Commission for every violation.
(2)
In addition to the penalty specified in subsection (1) of this section, the Commission may impose additional penalties including removal of any top management staff of the Pension Fund Administrator or the Pension Fund Custodian who had knowledge or ought to have knowledge of the offences.