PENSION REFORM ACT, 2014

Section 96: Powers of the Commission to order Special Investigation Duty.

2014Section 96 of 120Federal Republic of Nigeria

(1)
The Commission may, at any time, order a special examination or investigation of the books, operations or affairs of a Pension Fund Administrator, Pension Fund Custodian or any other person or body in relation to pension matters where-
(a) it suspects or is satisfied that-
(i) it is in the public interest to do so ;
(ii) the Pension Fund Administrator or Pension Fund Custodian has been carrying on its business in a manner detrimental to the interest of beneficiaries of the Retirement Savings Account;
(iii) the Pension Fund Administrator or Pension Fund Custodian does not have sufficient assets to cover its liabilities;
(iv) the Pension Fund Administrator or Pension Fund Custodian has contravened any of the provisions of this Act; or
(b) an application is made requesting for the examination or investigation by :
(i) a director, manager, officer or shareholder of the Pension Fund Administrator or Pension Fund Custodian;
(ii) a beneficiary of a retirement savings account or any client of a Pension Fund Administrator;
(iii) any Pension Fund Administrator to examine the Pension Fund Custodian of the pension fund assets that the Pension Fund Administrator is managing; or
(iv) any Pension Fund Custodian to examine the Pension Fund Administrator for whom it is holding pension fund assets.
(2)
An applicant under sub-section (1)(b) of this section shall be responsible for the cost of conducting the requested examination or investigation.

Cite this section

Section 96, PENSION REFORM ACT, 2014 (2014).

https://repo.podus.ai/laws/pension-reform-act-2014/section/96/