Access ARM Pensions strengthens operations with reforms to improve customer experience
Joy Agwunobi
Access ARM Pensions has reaffirmed its commitment to driving significant reforms aimed at enhancing operational efficiency and ensuring contributors achieve long-term financial security.
At the Human Resources and Pension Desk Officers (HR/PDO) Forum held in Lagos, themed “The Pension Industry in the Next Five Years,” company executives outlined strategic initiatives designed to modernise pension administration, leverage technology, and expand financial security for contributors.
The forum served as a platform for industry stakeholders to engage in discussions on regulatory developments, emerging trends, and innovative solutions shaping the future of pension management in Nigeria.
The company’s evolution follows the 2024 approval by the National Pension Commission (PenCom) of the merger between ARM Pension Managers Limited and Access Pensions Limited, leading to the formation of Access ARM Pensions Limited. With an initial N3 trillion in assets under management and a customer base exceeding two million, the newly consolidated entity has since focused on enhancing efficiency through a comprehensive, multi-pronged strategy.
Speaking at the forum, Adaora Ude, Associate Director of Access ARM Pensions, emphasised the company’s dedication to customer satisfaction. “Our approach is different. Some say we go the extra mile. That is because we understand that our customers are our priority. When a customer raises an issue, we do not rest until it is resolved,” she stated.
Ude also highlighted the company’s investment in advanced technology to drive efficiency and scalability. “Technology plays a crucial role in serving our over two million retail customers, and as we scale towards even three million, we are ensuring that our systems can manage this growth. We have learnt a lot from our most recent integration and can appreciate the complexities that come with scale,” she noted.
Beyond pension administration, Access ARM Pensions is actively supporting customers in broader financial planning, particularly home ownership. Ude referenced recent regulatory changes that allow contributors to access 25 per cent of their Retirement Savings Account (RSA) balance for mortgage financing.
“This is a game-changer, as it helps address the challenge of raising an initial deposit for a home. Our customers enjoy access to a network of trusted and competent partners offering affordable housing and seamless transactions. We encourage HR and Pension Desk Officers to collaborate with us in providing employees with these valuable resources,” she added.
The forum also featured insights from key industry stakeholders, including Omolola Oloworaran, director-general of the National Pension Commission, represented by Michael Popoola, acting commissioner, Admin, PenCom. She reiterated PenCom’s commitment to strengthening governance within the pension industry, emphasising that regulatory oversight is about protection rather than control.
“We will refine policies to enhance transparency and accountability,” Popoola stated, stressing the importance of risk-based supervision to ensure pension administrators uphold the highest ethical standards.
The DG also underscored the need for simplified pension processes to make retirement planning more accessible to Nigerians. “Too often, financial systems are shrouded in jargon that alienates the very people they serve. Our reforms will focus on eliminating these barriers and ensuring every contributor understands their pension rights,” she added.
PenCom has recently introduced new guidelines aimed at accelerating the payment of retirement benefits by licensed pension fund administrators. Previously, PFAs were required to review, process, and forward all benefit payment applications to the Commission for approval before the appointed Pension Fund Custodians (PFCs) could credit beneficiaries’ accounts.
Under the new reforms, which will take effect from June 1, 2025, PFAs will no longer need to seek approval or obtain a “No Objection” from PenCom before processing and disbursing benefits. This includes Programmed Withdrawal, Retiree Life Annuity, and Temporary Loss of Employment benefits, among others.
These reforms are designed to enhance the efficiency of the pension administration system, facilitating quicker access to benefits and providing a better experience for contributors.