The National Pension Commission has abolished the requirement for Pension Fund Administrators (PFAs) to obtain prior written approval before releasing advertisements and marketing campaign materials.
The regulatory change was announced in a circular dated May 8, 2026, and signed by the Director of the Surveillance Department, A.M. Saleem.
According to PenCom, the policy takes immediate effect and replaces Section 6.3.1 of the Guidelines for the Operations of PFAs.
The Commission explained that the move is aimed at reducing bureaucratic delays and improving operational efficiency within Nigeria’s pension industry.
Under the previous rule, PFAs were required to secure written approval from PenCom before advertising or promoting products and services related to their operations.
However, while prior approval has now been removed, PFAs are still expected to notify the Commission before deploying campaigns across broadcast, print, digital or outdoor media platforms.
“In furtherance of the Commission’s commitment of promoting operational efficiency, reduce bureaucratic delays, and quicker dissemination of information by PFAs to their potential clients, the Commission deems it necessary to allow PFAs to henceforth release their advertisement and media campaign materials without the prior approval of the Commission,” the circular stated.
PenCom outlined several conditions operators must meet before releasing promotional materials.
The Commission said PFAs must disclose the duration and timelines of advertisements and submit copies of all creative materials before publication.
It also stated that operators must clearly define the target audience for each campaign and provide evidence of internal clearance from their Legal and Compliance departments.
In addition, all pension products or services being promoted must already have PenCom approval before they can be advertised publicly.
The regulator stressed that removing the pre-approval requirement does not reduce compliance obligations or regulatory oversight.
PenCom warned that all advertising materials must remain factual, verifiable and fully compliant with the Nigeria Data Protection Act 2023 and the Pension Reform Act 2014.
The Commission also prohibited the use of lotteries, prize draws or inducements in pension advertisements.
PFAs were further barred from making misleading claims, referencing unaudited financial information or presenting deceptive fee disclosures.
The circular added that operators cannot use government symbols, public figures or institutional assets without proper authorization.
PenCom also directed PFAs to register slogans, taglines and promotional phrases with the national Trademarks Registry before deployment.
The Commission maintained that PFAs would remain fully responsible for all advertising content, including campaigns managed by third-party consultants, media agencies and digital influencers.
Last year, PenCom introduced another major reform by removing the pre-approval requirement for several retirement benefit payments.
The policy, which took effect on June 1, 2025, granted PFAs authority to process and approve categories of retirement benefits without prior approval from the Commission.
The reform was aimed at streamlining pension payments and reducing delays within Nigeria’s Contributory Pension Scheme.
