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Business > Insurance
Stanbic IBTC, Trustfund, ARM Pension, 15 others meet N1b recapitalisation deadline *Citi Trust Pension, IGI Pension fail to recapitalize
By Nkechi Naeche
July 31, 2012 17:59:15pm GMT | Views: 19
PenCom Director-General, Mr Mohammad Ahmad

WorldStage Newsonline—The National Pension Commission, (Pencom) Tuesday said that 18 Pension Fund Administrators (PFAs), met the new minimum capital requirement of N1 billion after the June 30th deadline given by the commission.

According to statement signed by the Head of Communication Unit, Emeka Onuora, the PFAs that met the minimum capital requirement and whose capital had been verified include, ARM Pension Managers (PFA) Limited, Leadway Pensure PFA Limited, Premium Pension Limited, Sigma Pensions Limited (Sigma), Stanbic IBTC Pension Managers Limited, Trustfund Pensions Plc.

Other PFAs that met the minimum capital requirement after the issuance of the Circular subject to capital verification are, Aiico Pension Managers Limited, APT Pension Fund Managers Limited, Crusader Sterling Pensions Limited, Fidelity Pension Managers Limited, Future Unity Glanvills Pensions Limited and 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.

The Commission also disclosed that Citi Trust Pension Managers Limited and IGI Pension Fund Managers Limited did not meet the recapitalization deadline, adding that it had issued 28 days notice of its intention to revoke their operating licences of the two PFAs pursuant to the provisions of Section 54 of the Pension Reform Act (PRA) 2004.

The statement further said that PFAs that had their pension assets acquired by other operators include: 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), while First Guarantee Pension Limited has been under regulatory intervention.

The Commission however assured 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 their licences, noting that the pension fund assets were 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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