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Recapitalisation: PenCom assures enrollees of failed PFAs


NATIONAL Pension Commission, PenCom, has assured contributors of the Contributory Pension Scheme, whose Pension Administrators, PFAs, failed to meet the N1billion new N1billion minimum capital base of their safety of their fund.

The Commission had earlier in the week, released names of 18 PFAs that met the new N1billion minimum capital base and threatened to revoke the licences of those that failed within the next 28 days.

In statement issued in Abuja, the commission announced that while two PFAs failed to meet the new capital requirement, four had been acquired by other PFAs, restating that First Guarantee Pension Limited, FGPL, is still under regulatory intervention.

*Mr Ahmed, Director-General Pension Commission (left) and Dr Musa Ibrahim, Inspector/Comissioner National Pension Commission during a briefing

PenCom’s statement by its Head of Communication Unit, Mr.Emeka Onuora, however said that ARM Pension Managers (PFA) Limited, Leadway Pensure PFA Limited, Premium Pension Limited, Sigma Pensions Limited (Sigma), Stanbic IBTC Pension Managers Limited and Trustfund Pensions Plc, met had met the N1billion requirement before the circular.

It will be recalled that the commission had on May 31, 2011, issued a circular giving the PFAs up to June 30, 2012 to meet the new requirement.

According to the statement other PFAs that met the requirement are “Aiico Pension Managers Limited, APT Pension Fund Managers Limited, Crusader Sterling Pensions Limited, Fidelity Pension Managers Limited, Future Unity Glanvills Pensions Limited, IEI-Anchor Pension Managers Limited, NLPC Pension Fund Administrators Limited, Legacy Pension Managers Limited, Oak Pensions Limited (Oak), Pensions Alliance Limited, Penman Pensions Limited and Royal Trust Pension Fund Administrator Limited.”

While Citi Trust Pension Managers Limited and IGI Pension Fund Managers Limited, failed to meet the requirement, Amana Capital Pension Limited acquired by Sigma Pensions Limited (Sigma), Crib Pension Fund Managers Limited acquired by Oak Pension Limited (Oak) and Evergreen Pensions Limited acquired by Oak Pension Limited (Oak).

The statement added that “the Commission has issued Twenty Eight (28) days Notice of its intention to revoke their operating licences of the two (2) PFAs in category D pursuant to the provisions of Section 54 of the Pension Reform Act (PRA) 2004.

The Commission would like to assure the public, particularly the contributors of the two affected PFAs of the safety of their pension fund assets even in the event of the revocation of the licences of the PFAs.  This is due to the fact that the pension fund assets are securely in the custody of Pension Fund Custodians licensed and strictly supervised by the Commission in accordance with the PRA 2004.”


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