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PenCom decision on failed PFAs out soon

THERE are indications that the National Pension Commission, PenCom, will soon come with a definite statement of the two Pension Fund Administrators, PFAs, that failed to meet the  N1billion new N1billion minimum capital base.

The commission however, however  reassured that the interest of contributors would continue to be paramount in whatever decision it takes.

It will be recalled that while PenCom announcing the names of PFAs that met the new minimum capital base in July, it said two PFAs; Citi Trust Pension Managers Limited and IGI Pension Fund Managers Limited, failed to meet the requirement, could not meet the requirement.

The Commission gave them 28 days to sort things out or their licenses would be resolved.

An official of PenCom who spoke to Pension and You on condition of anonymity, said “yes the 28 days has long elapsed, the commission will soon come out with a definite position of their status. Since the 28 days given to them, they have done some things we are looking into and immediately we are through, which will not be long, we come out with a statement. That is the position as at today.”

The Commission had in released names of 18 PFAs that met the new N1billion minimum capital base and threatened to revoke the licenses 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.

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).

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