Regulatory Alerts2021-08-12
Added · Updated
Frequently Asked Questions on Retirement Funds
Issued by NAMFISA, this regulatory guidance clarifies compliance obligations for retirement funds under the Financial Institutions Act (FIMA) and its associated standards. It establishes a twelve-month transitional period for fit-and-proper requirements, defines data custody as the decisive factor for software outsourcing, and mandates electronic beneficiary nominations alongside aligned life annuity provisions for defined contribution funds. The document further resolves ambiguities regarding fiduciary record-keeping, compulsory seventy-five percent benefit preservation, death benefit distributions, and trustee election modalities for umbrella funds to ensure operational clarity and member protection.
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