About TotalEnergies EP Nigeria CPFA
TotalEnergies EP Nigeria CPFA Nigeria Staff Non-Contributory Defined Benefits Pension Scheme (Scheme) is governed by the PRA 2014 and is administered by TotalEnergies EP Nigeria CPFA (TEPNG CPFA), a corporate body duly licensed by the National Pensions Commission (PenCom) as a Closed Pension Fund Administrator (CPFA) in accordance with the amended Trust Deed and Regulation set up in 2001 by the scheme sponsor, TotalEnergies EP Nigeria CPFA Nigeria (TEPNG) subject to the provisions of the Pension Reform Act 2014 (PRA 2014) .
In terms of ownership structure, TotalEnergies EP Nigeria CPFA is owned 99% by Total Energies (TEPNG) and 1% by Total Upstream Nigeria Ltd (TUPNI) in accordance with the amended Trust Deed and Regulation and the provisions of the Pension Reform Act (PRA) 2014 . The Scheme was established in 1993, but remained unfunded until 2000 when preparatory funding through the Treasury Department of TEPNG commenced. By November 8, 2001, TotalFinaElf (E & P) Trustees Nigeria Limited was incorporated and appointed Trustee to the Fund. A year later, the first Trust Deed was signed. On May 6, 2004 , the Trustee was renamed Total Energies Trustees Nigeria Limited in line with the change of name of the founding company.
By 2005, when the PRA 2004 came into effect and our Scheme came under the regulation of PenCom, the governance documents of both the Scheme and the Trustee needed amendment to align with the provisions of the Act. The PRA 2004 specified minimum requirements that must be met by institutions wishing to operate in the pension industry. Also, formal application for an operating license for the Trustee to operate as a pension fund administrator needed to be filed with PenCom. In November 21, 2006, following a formal application process that lasted about a year, an Approval-In-Principle to operate as Closed Pension Fund Administrator (CPFA) was granted. A full license was issued the following year.
To manage TotalEnergies EP Nigeria CPFA Staff Non-Contributory Pension Fund such that the fund will be secured and available for the payment of Pension benefits to qualified retired members and future retirees.
Funds contributed by the sponsor are first applied to meet this recurring obligation and any excess thereof, invested for growth and therefore meet future benefit obligations
To be the best CPFA (Closed Pension Fund Administrator) in Nigeria by optimally managing the Pension Plan in order to create an asset base that all stakeholders can rely on for granting the corresponding pension benefits independent of the fortune of our sponsor.
The pursuit of efficient and effective investment management strategies to achieve the highest returns at acceptable risk level.
- Provision of high quality, cost effective service to all plan stakeholders.
- Timely payment of accurate benefits to all Plan beneficiaries.
- Effective and efficient governance process.