Oak Pensions Limited is a Pension Fund Administrator (PFA) incorporated on the 30th of March 2006, and licensed by the National Pension Commission (PenCom) on the 14th of November 2006, to manage the Retirement Savings Account (RSA) and Retirement Benefit Schemes of employees of both government and private organisations in Nigeria.
Oak Pensions represents a culture of Professionalism, Team Spirit, Integrity, Innovation and Customer Service. We have a combined experience of over 100 years of the Shareholders and Management in Pension Funds Administration, an enviable track record combined with credibility, a sound pedigree in investment and asset management and a strong financial base.
We operate from our purpose-built Head Office at 266 Murtala Mohammed Way, Alagomeji, Yaba Lagos state, as well as various regional & branch offices across the country. At Oak Pensions Limited, we believe that Nigerian employees who have spent their youthful age working conscientiously deserve to live comfortably at retirement.
Oak Pensions Limited is empowered by the pension reform act 2014 which repeals the Pension Reform Act No .2, 2004 and enacts the Pension Reform Act, 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria. The main aim of the law is to ensure that employees save towards retirement and that every Federal/Public and Private sector employee receives their retirement benefits. The law establishes a mandatory funded contributory Pension scheme based on Individual Retirement Accounts for all Federal and Private Sector employees.
Dr. Awa Ibraheem is a board member of Oak Pensions Limited, and also the CEO of ICMA Professional Services, a company engaged in integrated Consulting, Management AND Accountancy Services. He is a fellow of the Chartered Institute of Management Accountants, UK, the Institute of Chartered Accountants of Nigeria, Chartered Institute of Taxation of Nigeria and Chartered institute of Stockbrokers. He currently sits on the board of many companies including Port-Harcourt Electricity Distribution Company, Force Select of United Kingdom and Lagos Executive Business School. He currently chairs the boards of Prime Metro Properties limited, Afrocommerce (WA) Limited, Oceanic Health Management Company Limited and Oak Pensions Limited amongst others. He had earlier experience in auditing and tax planning with a couple of accounting firms and was Assistant General Manager – Finance & Accounts at New Nigeria Development Company (NNDC), Kaduna. He has a BSc (Accounting) – with first class Honours from University of Lagos, an MBA (Finance) from Ahmadu Bello University, Zaria and a PhD (Management science) from University of Ilorin. He has attended various professional courses both in Nigeria and Overseas including Harvard Business School, Strathclyde University, UK and ILO Institute in Turin, Italy. He was in 1992/93 a Hubert Humphrey Fellow at University of Texas at Austin, USA. He is also a 2012 University of Lagos distinguished alumni awardee.
The PRA 2014 has revised the rate of pension contribution (from 7.5% contributed equally by the employer and employee under the old law) to 8% for the employee and 10% for the employer; bringing the minimum total contributions for both parties to 18% compared to 15% previously. As contained in the 2004 legislation, an employer may choose to make the total mandatory contributions without making deductions from the salary of the employee; however, total remittance for any employer who chooses to remit without recourse to the employee must not be less than 20% of the monthly emolument of the employee.
ICMA Services Limited was incorporated in 1996 to carry on the business as financial consultants and advisers and Portfolio management. The company has over the years invested in several publicly quoted companies on The Nigeria Stock Exchange. The company has taken a strategic step to invest in the Nigerian Pension Industry by acquiring controlling interest in Oak Pensions Limited in order to grow the business of the company and convert the opportunities that are emerging in the industry.
Oak Pensions Limited (PFA) is set up for the business of Pension Fund Administration under the new Pension Reform Act 2014. OAK Pensions Limited is therefore targeted at exploiting the huge potential market awaiting the Pension Fund Administrator under the new law.
Call us at +234 700 225 5625
Email Us at [email protected]
Murtala Muhammed Way,