Section 98: Special powers of the Commission to intervene in the management of Pension Fund Administrators and Pension Fund Custodians.

(1)
The Commission may exercise any of the powers specified in sub-section (2) of this section where-
(a) a Pension Fund Administrator or Pension Fund Custodian informs the Commission that it is unlikely to meet its obligations under this Act or it is insolvent; or
(b) after an examination under section 92 of this Act or otherwise the Commission is satisfied that the Pension Fund Administrator or Pension Fund Custodian -
(i) is unable to meet any of its obligations under this Act;
(ii) is insolvent;
(iii) violated or failed to comply with any ofthe provisions of this Act, guidelines or regulations issued by the Commission;
(iv) failed to comply with any directive issued by the Commission; or
(v) failed to adhere to proper corporate governance standards.
(2)
Pursuant to sub-section (1) of this section, the Commission may, by order in writing-
(a) direct the Pension Fund Administrator or Pension Fund Custodian to transfer the pension funds and assets being managed or held by it to another Pension Fund Administrator or Pension Fund Custodian;
(b) require the Pension Fund Administrator or Pension Fund Custodian to take any steps or action or to do or not to do any act or thing whatsoever, in relation to its business or its directors or officers which the Commission may consider necessary and which is set out in the order, within a time frame as may be stipulated therein;
(c) suspend a board or management, or remove the chief executive officer, any director, manager or officer of the Pension Fund Administrator or Pension Fund Custodian, notwithstanding anything in any enactment or law, or any limitation contained in the Memorandum and Articles of Association of the Pension Fund Administrator or Pension Fund Custodian provided that such order of suspension or removal shall state the reason and effective date of such suspension or removal ; and
(d) constitute an interim board or management, appoint an interim chief executive officer, director, manager or officer for the Pension Fund Administrator or Pension Fund Custodian, removed pursuant to paragraph (c) of this sub-section and set out such terms of reference and conditions of appointment, including remuneration, as the
Commission may determine.
(3)
The interim board, management, chief executive officer, director, manager or officer of the Pension Fund Administrator or Pension Fund Custodian, constituted or appointed respectively pursuant to paragraph (d) of this subsection shall remain in office until such a time as it may be considered no longer necessary by the Commission.