PFA Charges | Iran Nuclear Deal | Rising Trade Deficits | Petroleum Industry Bill | Palm Oil Industry Good Morning,

Here are your top 5 news items for the day.

PFA Charges

PenCom stop charges on artisans’ savings below N5m - Punch The National Pension Commission has ordered Pension Fund Administrators to stop charging any fee on micro pension funds under their management that are below N5m. It said, “In order to mitigate the concern of depletion of the MPF, the following additional conditions shall be followed: No fee shall be charged with the fund until management reach a threshold of N5m.“Pension Fund Administrators shall not charge fees once the daily value of accounting unit of the fund falls below N1 to ensure that principal contributions are not eroded; and the commission shall not participate in micro pension fund fee regime until fund under management of a PFA attains the threshold of N4bn. ”PenCom said it observed the need to review the fee structure of the Micro Pension Fund in the light of the challenges in implementing the Micro Pension Plan by licensed pension fund operators. It said the commission had undertaken extensive consultations on the appropriate fee structure of the MPF, which was expected to incentives the pension operators to market the MPP and grow micro pension assets.

Read the full article here