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UNICO MANAGES PENSION FUNDS OF UACN GROUP
May 16, 2007

UNICO Closed Pension Fund Administrators (CPFA) Limited, manages the pension funds of all UACN plc group in accordance with the provisions of the pension Reforms Act 2004.

The companies under the UACN group include UAC Restaurants Division, UAC Franchising Division, UAC Dairies Division, UAC Foods Division, and MDS Logistics .

The CPFA also manages the pension fund of the subsidiaries of UACN group such as Spring Waters Nigeria Limited (SWAN), Warm Spring Waters Nigeria Limited (WSWNL), UACN property Development Company Plc ( UPDC Plc ) Chemical & Allied Products Plc ( CAP Plc ), Grand Cereals and Oil Mills Nigeria Limited ( GCOML ) and GM Nigeria Limited ( GMNL ).

Other companies also managed by UNICO are Vitafoam Nigeria Plc, Vono Products Plc and Tractor & Equipment Limited.

The company has about 50 years of experience in pension fund management having been incorporated as Union African Pension Trust Limited on December 21, 1957.

The CPFA currently has over 6,000 active members on its fund and over 1000 pensioners on its payroll, which are scattered all over the country and are paid on regular basis.

After the incorporation of Union African Pension Trust Limited in 1957, its name was subsequently changed to UNICO Pension Trust Limited in December 1965. In June 2006, the name was changed to UNICO CPFA Limited.

The company was initially formed to mange the Pension Fund of the Unilever interests in Nigeria. Subsequently, some of the companies in the group such as Lever Brothers (now Unilever) Nigerian Breweries, Guinness Nigeria left and formed their own pension funds.

Pension payments are made so easy for the pensioners that they can receive their pension through banks or any UACN Plc offices or any of its business units across the country.

The company has qualified personnel who mange the fund just as adequate controls are in place to ensure that payments are made to the rightful owners.

Its investments as at December 31, 2005 was in excess of N 3.3 billion on book value and N 6.4 billion by market valuation. Its investment portfolio increased by over 300% from 2000 to 2005, while its net income has also increase by over 150% during the same period. This has enabled the company to give generous interest credits to its members and pensioners.

The CPFA has investments in quoted and unquoted equity, real estates, government bonds, treasury bills and fixed deposits.

The Pension Reform Act 2004 gives liberty to employer interested in managing the pension fund of its employees directly or through a wholly owned subsidiary of such an employer dedicated exclusively for the management of pension fund.

Culled from Daily Independent
by Sola Alabada, Senior Correspondent, Daily Independent