What are the functions of a Pension Fund Custodian (PFC)

The Pension Fund Custodian (PFC) is charged with holding contributions and investment instruments on behalf of the Pension Fund Administrator. Within seven (7) days of the payment of salaries, the employer remits the contributions to the PFC, who receives it on behalf of the PFA and within 24 hours notifies the PFA of receipt of the contributions. The PFC’s functions also include holding all the pension fund and assets in safe custody and settling transactions and undertaking activities relating to the administration (such as collection of dividends) on behalf of the PFA.