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Business News of Tuesday, 13 September 2022

Source: guardian.ng

First Pension Custodian takes over Access Pension Custodian business

National Pension Commission National Pension Commission

The National Pension Commission (PenCom) says it has approved the transfer of business from Access Pension Custodian Limited to First Pension Custodian Limited and returned the operating licence to the commission.

Pension Fund Custodians (PFCs) are responsible for warehousing pension fund assets, such as money deducted by organisations from salaries as pensions.

The PFCs now notify the Pension Fund Administrators (PFAs) that money has been deposited following which the PFAs can access it for further investments.

Earlier this month, Access Holdings Plc announced that its subsidiary, Access Bank Plc had completed the divestment of its entire equity interest in Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited, a subsidiary of First Bank of Nigeria Limited.

PenCom, in a statement released yesterday by the Head, Corporate Communications of the commission, Abdulqadir Dahiru, confirmed that Access Pension Custodian divested from the pension custody business and transferred all assets under its custody to First Pension Custodian

According to the commission, the acquisition, is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, the transfer of assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

PenCom said that there is no cause for alarm as it has ensured that everything was done according to the rules and regulations of the pension industry.

“The Commission assures stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry”