Pension Fund Administration and Insurance Linkages in Nigeria’s Contributory Pension Scheme

This study examines the operational and regulatory linkages between pension fund administration and the insurance industry within Nigeria's Contributory Pension Scheme (CPS). The Pension Reform Act 2014 mandates group life insurance coverage as an ancillary benefit under the CPS, creating a statutory interface between insurance companies, pension fund administrators (PFAs), and employers. Understanding how effectively this interface operates and whether the group life insurance component adequately protects contributors and beneficiaries is important for improving retirement income security in Nigeria. This research employs a professional practice evaluation design using primary data from 40 PFA compliance managers, 25 insurance company group life underwriters, and 100 active contributors in Abuja and Lagos. Questionnaires and interviews examine group life insurance enrollment procedures, benefit adequacy, claims settlement experience for deceased contributors, and coordination between PFAs and insurers. Secondary data from the National Pension Commission (PenCom) and NAICOM annual reports provide supplementary regulatory context. Descriptive statistics and thematic analysis are applied. Preliminary findings are expected to identify coordination failures between PFAs and insurers and inadequate benefit levels relative to current salary benchmarks. The study recommends enhanced regulatory guidance from PenCom and NAICOM on coordinating the pension-insurance interface. Keywords: Pension Fund Administration, Group Life Insurance, Contributory Pension Scheme, PenCom, Nigeria.