The National Pension Commission has approved the merger of ARM Pension Managers (PFA) Limited and Access Pensions Limited..

The management of PenCom said in a statement on Tuesday that the merger would give birth to a new outfit to be known as Access ARM Pensions Limited.

“This is to inform the general public that the National Pension Commission (PenCom) has granted approval for the merger between ARM Pension Managers (PFA) Limited and Access Pensions Limited to form a new entity named Access ARM Pensions Limited.

“The merger is expected to result in the achievement of economies of scale, improved operational efficiency of the new entity as well as improved service delivery to Retirement Savings Account (RSA) Holders.

“With the merger, this brings the total number of PFAs to 18.”

According to the National Pension Commission, the merger between both entities is expected to result in the achievement of economies of scale, improved operational efficiency of the new entity as well as improved service delivery to Retirement Savings Account (RSA) Holders.

PenCom’s approval of the merger has brought the total number of Pension Fund Administrators ,PFAs, in the country to 18.