This Press Release is issued pursuant to the Circular on Minimum Capital Requirement for Licensed Pension Fund Administrators (PFAs) issued by the National Pension Commission (the Commission) on 31 May, 2011.
The Circular stipulated a minimum shareholders’ fund of N1 billion unimpaired by losses for PFAs and also prescribed a deadline of 30 June, 2012 for compliance. The prescription of the N1 billion under the Circular is to improve the business processes and service delivery of the PFAs. Furthermore, it is envisaged that the new minimum capital requirement would encourage healthy mergers which would ultimately promote stability in the pension industry.
The PFAs have submitted evidence of compliance with the minimum capital requirement and the Commission has commenced the process of verifying the claims and will within four weeks issue a formal statement presenting the list of PFAs that have complied. Meanwhile, Crib Pension Fund Managers Limited and Evergreen Pensions Limited are in the process of being acquired by another PFA.
It would be recalled that Amana Capital Pensions Limited had since been acquired by Sigma Pensions Limited.
Head, Communications Unit