The Act establishes the National Pension Commission (Pencom) as the apex Regulatory body for Pension and two main service providers: Pension Fund Administrator (PFA) Pension Fund Custodian (PFC).

The reform has created new opportunities in these two service areas from Pensions of both Federal/public sector and the Private Sector employees as well as of various state Governments, who though not mandated under the law, have since initiated the process of enabling similar laws. Oak Pensions Limited is therefore targeted at exploiting the huge potential market awaiting the Pension Fund Administrator under the new law.

The concept of pension fund administration is defined through the functions of PFAs as stated in the Pension Reform Act 2004. The Act provides that the National Pension Commission (Pencom) will regulate PFAs and outline PFAs functions as follows:

	Opening retirement savings account for all employees with a Personal Identity Number (PIN) attached.
	Investment and management of pension funds and assets.
	Maintenance of books of account on all transactions relating to pension funds managed by the PFAs.
	Provision of regular information on investment strategy, market returns and other performance indicators to the Commission
	Provision of customer service support to employees, including access to employees account balances and statements on demand.
	Causing retirement benefits to be paid to employees.
	Taking responsibility for all retirement calculations and carrying out all other functions directed by the Commission.