PFAs Register 89,061 New Pension Contributors In Q1 2024
A total of 89,061 new Retirement Saving Accounts (RSAs) were registered and associated PINs issued to employees in different sectors in the quarter ended 31 March 2024 by various Pension Fund Administrators (PFAs).
This was contained in a quarterly report released recently by the National Pension Commission (PenCom).
Analysis of the RSA registrations across PFAs revealed that Stanbic IBTC Pension Managers Limited had the largest market share of 23.9% of new registrations with 21,288 contributors registered, followed by Access Pensions Limited, which had 22.5% with 20,042 new contributors registered.
ARM Pension Managers Ltd, Leadway Pensure PFA Ltd and Premium Pension Ltd followed with 8.4%, 7.1%, 7.0% of the new registrations during the quarter respectively.
Consequently, the top five PFAs collectively held 68.8% while the bottom five PFAs recorded an aggregate of 4.3% of the 89,061 new RSAs registered in Q1:2024.
On gender and age distribution, analysis of the new registrations in Q1: 2024 by age and gender indicated that out of the 89,061 registrations, 83.60% or 74,453 were active contributors below the age of 40 years.
Out of this number, 10,997 or 12.35% of the new registrations were between the age of 40-49 years.
This points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.
On the gender distribution, 51,903 or about 58% of those that registered during the quarter were males, thus sustaining dominance over the female gender in terms of registration into the scheme.
Micro Pension Contributors Increase By 12,559 Contributing ₦111.418m In Q1 2024
The quarterly report released recently by the National Pension Commission (PenCom) showed that a total number of 12,559 Micro Pension Contributors (MPC) were registered during the first quarter of 2024 by seventeen (17) Pension Fund Administrators bringing the total number registered MPCs from inception to 126,941.
The total Pension Contributions received from MPCs during the period under review was ₦111,418,494.28. This brought the total Pension Contributions made by the MPCs to ₦791,574,202.42 as at 31 March 2024.
Analysis reveals that in Q1:2024, Access Pensions Limited, accounted for 80.1% of the new Micro Pension Plan (MPP) registration with a total of 10,058 out of the 12,559 registered participants while Stanbic IBTC Pension Managers Limited followed with 1,628 accounting for 12.96% of the total registrations in the Quarter.
The total registration from inception to date shows that Stanbic IBTC Pension Managers (PFA) Limited, ARM Pension Managers Limited and Access Pensions Limited registered the largest number of Micro Pension Contributors (MPCs) with 25,149 (19.81%), 24,341 (19.18%) and 23,030 (18.14 %) respectively, as at 31 March 2024.
A breakdown of pension contributions received in Q1:2024 showed that Stanbic IBTC Pension Managers Limited and ARM Pension Managers (PFA) Limited had the highest MPP contributions received with N52,960,310.28 (47.53%) and N34,319,430.35 (30.80%) respectively.
Out of the total pension contributions received from inception, Stanbic IBTC Pension Managers Limited, ARM Pension Managers (PFA) Limited and Fidelity Pension Managers Limited accounted for the largest amount with N400,492,745.05, N137,443,834.15 and N51,787,985.78 representing 50.59%, 17.36% and 6.54% respectively as at 31 March, 2024.
On Contingent Withdrawals for Q1 2024, three PFAs processed and approved MPP Contingent withdrawals for five MPCs amounting to N1,056,951.74.
