In the event of the liquidation of the Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC), do remember that the management and custody of the funds are held by separate and unrelated entities. The funds are managed by the PFA while custody is in the PFC. Where a PFA is liquidated, the funds are in the custody of the PFC and so the employee appoints another PFA to manage and administer his pension fund. If on the other hand, it is the PFC that becomes liquidated, the Act provides that the pension fund assets are completely exempt from the assets of the PFC and cannot be used to meet the claims of any of the PFC’s creditors. The Pension Fund Assets in the custody of such liquidated PFA will be transferred to another PFC under the strict supervision of the National Pension Commission.