Section 82: Pension Protecion Fund

(1)
The Commission shall establish and maintain a fund to be known as the Pension Protection Fund for the benefits of eligible pensioners covered by any pension scheme established, approved or recognized under this Act.
(2)
The Pension Protection Fund shall consist of-
(a) an annual subvention of 1% of the total monthly wage bill payable to employees in the Public Service of the Federation towards the funding of the minimum guaranteed pension; .
(b) annual pension protection levy paid by the Commission and all licensed pension operators at a rate to be determined by the Commission, from time to time; and
(c) income from investment of the Pension Protection Fund
(3)
The Commission shall utilise the Pension Protection Fund for:
(a) the funding of the minimum guaranteed pension pursuant to section 84 of this Act;
(b) the payment of compensation to eligible pensioners for shortfall or financial losses arising from investment activities; and
(c) any other purpose deserving protection with the Pension Protection Fund as the Commission may, from time to time, determine.
(4)
The Commission shall make regulations governing the operations of the Pension Protection Fund, fund management and custody, eligibility criteria and related matters.