Access ARM backs mortgage provision for contributors

Access ARM Pensions is implementing significant reforms aimed at streamlining its operations and actively supporting contributors in achieving home ownership in the evolving Nigerian pension industry.

According to a statement available to The PUNCH on Thursday, some executives of the company said this at a recent Human Resources and Pension Desk Officers Forum in Lagos.

Last October, the National Pension Commission approved the merger of ARM Pension Managers Limited and Access Pensions Limited into a new entity named Access ARM Pensions Limited. Access ARM Pensions Limited commenced operations with N3tn in assets under management.

The pension administrator, which now serves over two million customers following the merger, said that it is prioritising enhanced efficiency and customer experience through a multi-pronged approach. A key aspect of this strategy is the streamlining of the documentation process, with the ambitious goal of reducing approval turnaround times from months to weeks. This move is expected to significantly improve the experience for pension contributors seeking to access their benefits and conduct transactions more swiftly.

Emphasising the importance of responsiveness at the forum, the Associate Director of Access ARM Pensions, Adaora Ude, said, “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 added that Access ARM Pensions is investing in cutting-edge technology to enhance efficiency, recognising the transformative role of digital solutions in pension administration.

“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,” Ude noted.

In addition to pensions, Access ARM Pensions is actively supporting customers in broader financial planning, particularly home ownership. Ude pointed to recent regulatory changes allowing contributors to access 25 per cent of their Retirement Savings Account 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 our network of trusted and competent partners who offer an array of affordable housing and enable ease of transactions. I urge our HR/PDO partners to collaborate with us by giving us an easier platform to bring these valuable resources to the employees,” she said.

The company is also streamlining its documentation process to reduce approval turnaround times from months to weeks.

The forum also featured insights from key industry stakeholders, including the Director-General of the National Pension Commission, Omolola Oloworaran, represented by the Acting Commissioner, Admin, PenCom, Michael Popoola.

He reiterated PenCom’s commitment to strengthening governance in the pension industry, stressing that regulatory oversight is about protection rather than control.

“We will refine policies to enhance transparency and accountability,” he stated, underscoring the importance of risk-based supervision to ensure pension administrators uphold the highest ethical standards.

The DG’s message also highlighted the need for simplified pension processes to make retirement planning more accessible to all 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,” he added.

PenCom has recently issued new guidelines to speed up the payment of retirement benefits by licensed pension fund administrators.

Before now, PFAs were required to review, process, and forward all benefit payment applications to the Commission for approval before the appointed PFCs could credit beneficiaries’ accounts.

Under the new reforms effective June 1, 2025, PFAs will no longer be required to seek approval or obtain a “No Objection” from PenCom before processing and disbursing benefits, including Programmed Withdrawal, Retiree Life Annuity, and Temporary Loss of Employment benefits, among others.