The National Pension Commission (PenCom) has granted approval for the merger between ARM Pension Managers (PFA) Limited and Access Pensions Limited.
This merger has resulted in the creation of a new entity named Access ARM Pensions Limited.
In a statement released recently, PenCom emphasised that the merger is expected to enhance operational efficiency and deliver improved services to 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 RSA holders,” the commission stated.
With this approval, the number of Pension Fund Administrators (PFAs) operating in Nigeria has reduced to 18, marking a significant shift in the pension administration landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) had initially announced the merger on January 24, 2024. This followed Access Pensions Limited’s acquisition of an 81.82 percent majority stake in ARM Pension Managers Limited, a subsidiary of ARM Traditional Asset Management Limited.
According to the FCCPC, the merger will be completed through a scheme of arrangement, transferring all assets, liabilities, and undertakings from ARM Pension to Access Pensions. The newly formed entity, Access ARM Pensions, will manage assets under administration totalling over N2.22 trillion.
This merger is expected to deliver an ‘enhanced service offering’ to customers, reflecting the increased scale and resources available to the combined entity.
