The National Pension Commission (PenCom) has removed the requirement for Pension Fund Administrators (PFAs) to obtain prior approval before publishing advertisements and promotional materials, in a move aimed at reducing bureaucracy and accelerating the dissemination of information to prospective retirement savings account holders.
In a circular signed by A. M. Saleem,director, surveillance department, the commission said licensed PFAs may now release advertising and media campaign materials without waiting for written clearance from the regulator, provided they notify PenCom before such materials are published.
The new directive takes immediate effect and supersedes the prior approval provision contained in Section 6.3.1 of the Guidelines for the Operations of Pension Fund Administrators, but only with respect to advertising and media campaign materials.
PenCom said the policy change is part of its broader commitment to promoting operational efficiency, reducing bureaucratic delays and enabling PFAs to communicate more quickly with 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. However, PFAs will be required to submit notifications to the Commission prior to the release of the advertisements and media materials,” the circular noted.
Under the new framework, the notification must include the duration and timeline of the campaign, the creative material to be aired or published, the intended target audience, evidence of internal clearance by the PFA’s compliance and legal departments, and confirmation that the underlying product or service has already been approved by PenCom.
Despite removing the pre-approval requirement, the commission introduced strict standards to govern advertising content.
PenCom said all promotional, publicity, educational and media campaign materials must be accurate, factual and verifiable. Claims must not be misleading, comparative statements must be backed by objective evidence, and advertisements must not exaggerate benefits or misrepresent investment performance.
The regulator also prohibited inducement-based promotions such as lotteries, prize draws and other chance-based incentives.
On content standards, PenCom said advertisements must not contain offensive, discriminatory or culturally insensitive messages and must respect public morality and national values. Campaigns targeted at minors are expected to follow age-appropriate communication standards.
The commission further warned PFAs against using manipulative or coercive advertising techniques or messages that encourage financial recklessness, fraud or other harmful behaviour.
In addition, all advertisements must comply with the Pension Reform Act 2014, consumer protection regulations, and the Nigeria Data Protection Act 2023. PFAs must also ensure that no personally identifiable information is used without a lawful basis or the consent of the data subject.
PenCom listed several forms of prohibited content, including false or exaggerated claims, unsubstantiated testimonials, unverifiable data, misuse of trademarks, misleading fee disclosures, and unauthorised use of government symbols or public figures.
The circular also introduced new trademark requirements for marketing slogans, taglines and promotional phrases. PFAs are now required to register such materials with the Trademarks Registry before using them and must submit evidence of registration to PenCom as part of their notification.
PenCom said PFAs would remain fully responsible for all advertisements issued on their behalf by agents, consultants, media agencies, influencers or other third parties.
The commission added that it retains the power to direct any PFA to withdraw, suspend or modify advertisements found to be in breach of the circular or any applicable law. It may also require the publication of corrective statements to address misleading or non-compliant information.
According to PenCom, compliance with such directives must be carried out within the timelines specified by the commission, which will conduct follow-up reviews and impose sanctions where violations are established, in line with the Pension Reform Act 2014 and the commission’s sanctions regime.
