PenCom endorses ARM, Access Pension merger deal

The National Pension Commission (PenCom) has approved the merger between ARM Pension Managers (PFA) Limited and Access Pensions Limited.

A statement signed by the commission said that it approved the merger to form a new entity to be known as 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 (RSA) holders.

“With the merger, this brings the total number of PFAs across the country to 18,” the Commission said.

In January this year, Access Holdings secured a majority stake in ARM Pensions Managers (PFA) Limited.

The acquisition, it said, reflected a carefully crafted plan to bolster its position in the industry through its subsidiary Access Pensions Limited to leverage synergies with ARM Pensions Managers to enhance service delivery and drive sustainable value for stakeholders.

Speaking on the development, the late group Chief Executive of Access Holdings, Dr Herbert Wigwe, was optimistic about the transformative potential of the acquisition.

He stressed the combined entity’s ability to create enduring stakeholder value and contribute to the growth and development of the pension industry.