7. It stipulates that all monies received as penalty by the PenCom shall be paid into the Pension Protection Fund
This will have been established under Section 82 of the Act. It also requires anyone who misappropriates pension fund to forfeit to the federal government, any property, asset or fund with the accrued interest on the stolen money. Also a fine of N10m will be imposed on any pension fund administrator who fails to meet the obligations of the contributors, while each of the directors of the firm will pay N5m each as fines.
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