The National Pension Commission on Monday released the report of its recapitalisation exercise, saying 18 Pension Fund Administrators met the recapitalisation target, three were acquired, while two failed to raise the minimum capital of N1bn.
The commission had mandated all pension fund managers to shore up their capital base from N150m to N1bn or wind up operations by June 30.
The release of the report followed the completion of the verification of their capital base to determine their level of compliance. The exercise, which was carried out from the beginning of July was imperative in order to verify the sources of funds of all the PFAs that claimed to have met the recapitalisation target.
This, according to the commission, was to ensure that illegal funds did not find their way into the system.
Those that clear the recapitalisation hurdle are 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.
It said 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 statement also pointed out that Citi Trust Pension Managers Limited and IGI Pension Fund Managers Limited failed to meet the deadline.
On the fate of the PFAs that could not meet the deadline, the statement issued by the Head, Communications Unit, Pencom, Mr. Emeka Onuorah, 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.
Source: Punch/Ifeanyi Onuba
