The National Pension Commission has approved the merger of ARM Pension Managers Limited and Access Pensions Limited.
In a statement on Tuesday, the commission noted that the consolidation had led to the formation of a new entity named Access ARM Pensions Limited, increasing the total number of pension fund administrators in Nigeria to 18.
According to PenCom, the merger aims to create a more robust and competitive player in the Nigerian pension industry, enhancing service delivery and providing better value for pension contributors.
It noted that the merger was expected to achieve economies of scale and improve operational efficiency within the new entity, adding that Retirement Savings Account holders could anticipate enhanced services and benefits.
PenCom stated, “This is to inform the general public that the National Pension Commission has approved the merger between ARM Pension Managers Limited and Access Pensions Limited to form a new entity named Access ARM Pensions Limited.
“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 Holders. With the merger, this brings the total number of PFAs to 18.”
The Punch reports that the Acting Director-General of PenCom, Omolola Oloworaran, has disclosed that the pension fund assets under the Contributory Pension Scheme have risen to N20.79tn as of July 2024.
