Posted: Tuesday 31st July 2012 at 1:27 am

N1bn capitalisation: PenCom okays 18 PFAs

By VICTOR AHIUMA-YOUNG
ABUJA—NATIONAL Pension Commission, PenCom, yesterday, said 18 Pension Administrators, PFAs, met the new N1billion minimum capital base and threatened to revoke licences of those that failed within the next 28 days.

In statement by the Head of Communication unit, Mr Emeka Onuora said the commission announced that while two PFAs failed to meet the new capital requirement, four had been acquired by other PFAs, stating that First Guarantee Pension Limited, FGPL, was still under regulatory intervention.

he explained that ARM Pension Managers Ltd, Leadway Pensure Ltd, Premium Pension Ltd, Sigma Pensions Ltd, Stanbic IBTC Pension Managers Ltd and Trustfund Pensions Plc, had met the N1 billion requirement.

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.

Other PFAs that met the requirement are “Aiico Pension Managers Ltd, APT Pension Fund Managers Ltd, Crusader Sterling Pensions Ltd, Fidelity Pension Managers Ltd, Future Unity Glanvills Pensions Ltd, IEI-Anchor Pension Managers Ltd, NLPC Pension Fund Administrators Ltd, Legacy Pension Managers Ltd, Oak Pensions Ltd, Pensions Alliance Ltd, Penman Pensions Ltd and Royal Trust Pension Fund Administrator Ltd.”

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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N1bn capitalisation: PenCom okays 18 PFAs

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