Access to acquire ARM Pension, Access Pension on the path to become Largest PFA

Access is set to acquire 81.82% of ARM Pension Managers Limited which will solidify the position of Access Pension Managers Limited as the 2nd largest Pension Fund Administrator (PFA) in Nigeria by Assets under Management (AUM) and put Access Pension on the path to become the largest PFA by number of Retirement Savings Accounts (RSA).

Stanbic IBTC Pension remains by far the largest PFA in Nigeria based on Assets under Management (AUM), estimate of Stanbic Pension current AUM is over N5 Trillion while the AUM of the merger of Access and ARM Pension is N2.2 Trillion based on the merger publication.

The total number of Retirement Savings Accounts (RSA) being managed by Stanbic Pension as at 30 June 2023 is 2,034,226 while that of Access and ARM is 1,974,343, a little spike in the RSA registrations of Access Pension could make Access Pension the largest PFA in Nigeria by number of RSAs.

This is the third PFA to be acquired by Access Holdings, they had previously acquired First Guarantee Pension and Sigma Pension and now they are acquiring ARM Pension, there are also speculations that Access is also set to acquire another top PFA, such acquisition will make Access Pension by far the largest PFA in Nigeria by number of RSAs but they will still not be the largest PFA by AUM because the acquisition of a top PFA will only take Access Pension total AUM to about N3.5 billion still far from Stanbic Pension N5 billion.

Below is the publication which confirms the acquisition of ARM Pension by Access.

Acquisition of the majority stake of 81.82% in ARM Pension Managers (PFA) Limited

This notification relates to the acquisition of 81.82% of the issued share capital of ARM Pension Managers (PFA) Limited (the Target or ARM Pension) from its majority shareholder, ARM Traditional Asset Management Limited (ARM-TAM) (the Acquisition).

After the Acquisition, the Acquirer intends to effect a merger of the Target with Access Pensions Limited (Access Pensions), a wholly owned subsidiary of Access Golf Nigeria Limited (the Acquirer or Access Golf). Access Golf is an investment vehicle that owns the majority shareholding in Access Pensions.

Access Pensions is a Pension Fund Administrator (PFA) incorporated in Nigeria and licensed and regulated by the National Pension Commission (PenCom). Access Pensions principal activity is pension fund administration involving management of retirement savings account and legacy funds. The Target in addition to Access Pensions activities also offers other pension products and services including: retirement advisory; programmed withdrawal; micro pension, and additional voluntary contribution.

Following the acquisition, ARM Pension and Access Pensions (the Merging Entities) will merge and become one entity. The merger will be consummated through a Scheme of Merger (the Scheme). Under the terms of the Scheme, ARM Pension will transfer all its assets, liabilities and undertakings to Access Pensions. The Merger of ARM Pension and Access Pensions will create a pension fund administrator with assets under management (AUM) of just over N2.22 Trillion. The expected revenue and cost synergies are material and promise significant long-term value. The enlarged Access Pensions will provide customers with an enhanced service offering, support the rollout of micro pension products and provide a better overall customer experience.

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