Radix Pension Managers is a licensed Pension Fund Administrator (“PFA”) by the National Pension Commission (“PenCom”). On February 15, 2017, Radix Capital Partners Limited, a Securities and Exchange Commission (SEC) licensed investment banking firm acquired majority share interest in IGI Pension Managers Limited, a company previously owned by IGI Plc.
Further to this acquisition, a new Board of Directors and executive management team was constituted to lead the company.
Compulsory Contributory Pension Scheme
The Pension Reform Act 2014 establishes a compulsory Contributory Pension scheme for all employees in both public and private sectors provided the employer has a minimum of three employees. All employees covered by the Act are required to choose a PFA that will be responsible for the management and administration of their pension funds.
Both employer and employee are required to make contributions to fund the Retirement Savings Accounts (“RSA”) of the employees. In addition, the law requires that all pension assets are to be held by a licensed Pension Fund Custodian (“PFC”) appointed by the Pension Fund Administrator. UBA Pension Custodian Limited is our PFC for our RSA funds.
Radix Pension Managers Limited has an authorized and paid-up share capital of N1,250,000,000.00 (One Billion, Two Hundred and Fifty Million Naira). The paid-up share capital is higher than the regulatory minimum of N1 Billion.
This has facilitated the competitive acquisition of such prerequisites as technology and manpower as well as ensuring a comfortable working capital.