The National Pension Commission (PenCom) has approved the merger of ARM Pension Managers Limited and Access Pensions Limited, resulting in the formation of a new entity named Access ARM Pensions Limited. This consolidation brings the total number of pension fund administrators in Nigeria to 18.
In a statement released on Tuesday, PenCom highlighted that the merger aims to create a more competitive and robust player in the Nigerian pension industry, ultimately enhancing service delivery and providing greater value for pension contributors.
The commission noted that the merger is expected to generate economies of scale and improve operational efficiency within Access ARM Pensions Limited, ensuring that Retirement Savings Account holders can look forward to enhanced services and benefits.
PenCom stated, “We inform the general public that the National Pension Commission has approved the merger between ARM Pension Managers Limited and Access Pensions Limited, resulting in the creation of Access ARM Pensions Limited. This merger is anticipated to achieve economies of scale, enhance operational efficiency, and improve service delivery to Retirement Savings Account holders. As a result, the total number of pension fund administrators in Nigeria will now stand at 18.”
Additionally, Omolola Oloworaran, Acting Director-General of PenCom, announced that pension fund assets under the Contributory Pension Scheme have reached N20.79 trillion as of July 2024.
