The Federal Competition and Consumer Protection Commission (FCCPC) has announced that Access Pensions Limited is set to merge with ARM Pension Managers Limited in a move aimed at offering enhanced services to customers.
The FCCPC in a notice on Wednesday revealed that Access Pensions Limited had acquired an 81.82 percent majority stake in ARM Pension Managers Limited, a subsidiary of ARM Traditional Asset Management Limited. The commission stated that the acquisition would be finalized through a scheme of merger between the two entities.
Access Pensions Limited, a licensed pension fund administrator (PFA) incorporated in Nigeria and regulated by the National Pension Commission (PenCom), specializes in pension fund administration, managing retirement savings accounts, and legacy funds.
The notice said: “After the acquisition, the acquirer (Access Golf Nigeria Limited) intends to effect a merger of the target (ARM Pension) with Access Pensions Limited (Access Pensions),” the statement read.
“The target in addition to Access Pensions activities also offers other pension products and services including: retirement advisory; programmed withdrawal; micro pension, and additional voluntary contribution.
“Following the acquisition, ARM Pension and Access Pensions (the merging entities) will merge and become one entity.
“The merger will be consummated through a scheme of merger (the scheme). Under the terms of the scheme, ARM Pension will transfer all its assets, liabilities and undertakings to Access Pensions.
“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,” the FCCPC noted. “The expected revenue and cost synergies are material and promise significant long-term value.”
Moreover, the merger is anticipated to enhance customer service offerings, facilitate the rollout of micro pension products, and provide an improved overall customer experience.
