The National Pension Commission (PenCom) has barred Pension Fund Administrators (PFAs) from sending gifts to Retirement Savings Account (RSA) holders.

This may not be unconnected to a series of complaints from several quarters against such practice and the need to discourage unhealthy competition among the PFAs.

According to Punch, this order was given by PenCom in a new directive to the PFAs by PenCom, who acknowledged that the practice was getting out of hand.