PenCom approves merger of ARM, Access Pensions

The National Pension Commission (PenCom) has approved the merger between ARM Pension Managers (PFA) Limited and Access Pensions Limited to form a new entity named Access ARM Pensions Limited.

According to a statement on Tuesday signed by PenCom management, the merger is expected to result in the achievement of economies of scale and improve the operational efficiency of the new entity.

“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 said.

PenCom said the approval has brought the total number of pension fund administrators (PFAs) in the country to 18.

On January 24, the Federal Competition and Consumer Protection Commission (FCCPC) announced that Access Pensions Limited will merge with ARM Pension Managers Limited for an “enhanced service offering”

The FCCPC said the merger followed Access Pension’s acquisition of an 81.82 percent majority stake in ARM Pension — a subsidiary of ARM Traditional Asset Management Limited.

According to the commission, the acquisition will be finalised through a scheme of merger between both companies.

The commission said ARM Pension will transfer all its assets, liabilities and undertakings to Access Pensions.

Also, FCCPC said the merger of ARM Pension and Access Pensions will create a pension fund administrator with assets under management (AUM) of just over N2.22 trillion.