The National Pension Commission (PenCom) has approved the merger of ARM Pension Managers (PFA) Limited and Access Pensions Limited to form a new entity called Access ARM Pensions Limited.
In a statement released on Tuesday, PenCom management said the merger aims to enhance operational efficiency and improve service delivery for Retirement Savings Account (RSA) holders.
“The merger is expected to result in the achievement of economies of scale, improved operational efficiency of the new entity, as well as improved service delivery to Retirement Savings Account (RSA) Holders,” PenCom stated.
This development brings the total number of pension fund administrators (PFAs) in Nigeria to 18.
Earlier in the year, on January 24, the Federal Competition and Consumer Protection Commission (FCCPC) announced that Access Pensions Limited would merge with ARM Pension Managers Limited to provide an enhanced service offering.
The FCCPC revealed that the merger followed Access Pension’s acquisition of an 81.82 percent majority stake in ARM Pension, which is a subsidiary of ARM Traditional Asset Management Limited.
The acquisition is to be completed through a scheme of merger between the two companies, with ARM Pension set to transfer all its assets, liabilities, and undertakings to Access Pensions.
The FCCPC also disclosed that the merger would create a pension fund administrator with assets under management (AUM) totaling over N2.22 trillion.
This significant move in the pension industry is expected to reshape the landscape and drive further growth and efficiency.
