Pension Law 4: Regulator’s Standpoint in Pension Governance

Course Overview
This lesson examines the regulator’s perspective in pension governance, highlighting why scheme governance is central to protecting members, ensuring accountability, and sustaining performance. It explores the objectives of pension governance, the distinction between corporate and pension governance, and the heightened responsibilities placed on trustees. Learners will gain insights into how regulators enforce standards of competence, accountability, internal controls, and the use of expert service providers to strengthen trust and confidence in pension systems.

Key Topics

• The role of governance in the administration and supervision of pension schemes

• Objectives of pension governance: minimizing conflicts, building trust, improving performance

• Corporate governance vs. pension governance principles

• Governance structures in schemes like NSSF

• Trustees’ fiduciary obligations and accountability mechanisms

• Regulatory focus on:

  • Competence and suitability of trustees (“fit and proper” criteria)

  • Licensing, certification, and trustee training

  • Outsourcing to service providers (custodians, fund managers, administrators)

  • Accountability to members, sponsors, and regulators

  • Internal controls, compliance, and oversight structures

• OECD guidelines and international comparisons (Kenya, Uganda, Rwanda, UK, Germany)

• Supervisory tools: inspections, disclosure, whistleblowing, and enforcement