The National Pension Commission (PenCom) has scrapped the requirement for Pension Fund Administrators (PFAs) to obtain prior approval before releasing advertisements and marketing campaign materials.
The new directive was announced in a circular dated May 8, 2026, and signed by the Director of Surveillance, 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 said the move is aimed at reducing bureaucratic bottlenecks, improving operational efficiency, and enabling faster dissemination of information to pension contributors and the general public.
Previously, PFAs were required to obtain written approval from PenCom before advertising or promoting their products and services.
Under the new arrangement, PFAs can now release advertisements without prior clearance from the commission. However, operators are still required to notify PenCom before deploying campaigns across print, broadcast, digital, or outdoor media platforms.
“In furtherance of the Commission’s commitment to promoting operational efficiency, reducing bureaucratic delays, and ensuring 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.
Despite the relaxation of the approval process, PenCom maintained several compliance conditions for operators.
The commission directed PFAs to clearly disclose the duration and timelines of advertisements and submit copies of all creative materials before publication.
PFAs are also required to define the target audience for each campaign and provide evidence of internal clearance from their legal and compliance departments.
PenCom further stated that only pension products and services already approved by the commission can be advertised to the public.
The regulator stressed that the removal of prior approval does not reduce compliance obligations or regulatory oversight.
According to the circular, all advertising materials must remain factual, verifiable, and compliant with the Nigeria Data Protection Act (NDPA) 2023 and the Pension Reform Act 2014.
PenCom also prohibited the use of lotteries, prize draws, inducements, misleading claims, unaudited financial references, and deceptive fee disclosures in pension advertisements.
In addition, PFAs are barred from using government symbols, public figures, or institutional assets in campaigns without proper authorisation.
The commission directed operators to register slogans, taglines, and promotional phrases with the national Trademarks Registry before deployment.
PenCom added that PFAs would remain fully responsible for all advertising content, including campaigns managed by third-party agencies, consultants, or digital influencers.
The latest directive follows a similar reform introduced by PenCom in 2025, when the commission removed pre-approval requirements for several categories of retirement benefit payments.
That policy allowed PFAs to independently process and approve benefits such as programmed withdrawals, retiree annuities, unemployment benefits, and refunds for contributors exempted from the Contributory Pension Scheme, helping to speed up pension access for Retirement Savings Account holders.
