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18 out of 20 Pension Companies Clear PenCom Recapitalization Exercise

By on July 31, 2012

According to a report released by the National Pension Commission on Monday, 18 companies have met the new recapitalization target of N 1 billion.

The Pension companies were compelled to raise their capital base from N150 million to N1 billion in order to take into consideration the increased risks of the pension business.

Companies that successfully met the new recapitalization target are as follows:

ARM Pension Managers Limited; Leadway Pensure PFA Limited; Premium Pension Limited; Sigma Pensions Limited; Stanbic IBTC Pension Managers Limited and Trustfund Pensions Plc.

Others 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; Pensions Alliance Limited; Penman Pensions Limited and Royal Trust Pension Fund Administrator Limited. It, however, added that three others were acquired by other PFAs, while First Guarantee Pension Limited is under regulatory intervention.

Amana Capital Pension Limited was acquired by Sigma Pensions Limited; Crib Pension Fund Managers Limited was acquired by Oak Pension Limited, while Evergreen Pensions Limited was acquired by Oak Pension Limited.

The companies that failed to meet the deadline are Citi Trust Pension Managers Limited and IGI Pension Fund Managers Limited.

According to the Head of Communications for Pencom the companies that failed to meet the deadline will be given a grace period.

He said, “The commission has issued 28 days notice of its intention to revoke the operating licences of the two PFAs pursuant to the provisions of Section 54 of the Pension Reform Act 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.”