The National Pension Commission (PenCom) has raised the allowable investment limits for ordinary shares across key Retirement Savings Account (RSA) fund categories.
The adjustment was announced in a recently released addendum to the Revised Regulation on Investment of Pension Fund Assets originally issued in September 2025.
PenCom said that the revision is a targeted response to implementation bottlenecks identified after the 2025 regulatory overhaul and aimed at improving asset allocation efficiency, especially with the noted absence of qualifying assets, especially in alternative assets.
The Commission revised Section 9 of the regulation, increasing equity exposure caps for multiple RSA fund classes as follows: RSA Fund I: 30% → 35%; RSA Fund II: 25% → 33%; RSA Fund III: 10% → 15%; and RSA Fund VI (Active): 25% → 33%.
The Commission said the changes take immediate effect and apply to all licensed Pension Fund Administrators (PFAs) and custodians.
