Three Pension Companies Lead In Micro Pension Registration, Contributions In First Half 2023
According to the National Pension Commission (PenCom)’s 2023 second quarter report published in September, 2023, three Pension Fund Administrators top the Micro Pension Registration and Contributions (MPCs) table.
The Companies are Stanbic IBTC Pension Managers Limited, Access Pensions Limited and ARM Pension Managers (PFA) Limited.
Out of the 63,693 Retirement Saving Accounts (RSAs) registered during the period under review, 5,967 were Micro Pension Contributors (MPCs) registered by 17 Pension Fund Administrators. This brings the total number of registered MPCs to 99,192 as at 30 June, 2023.
Stanbic IBTC Pension Managers Limited, Access Pensions Limited and ARM Pension Managers (PFA) Limited registered the largest number of MPCs with 3,155, 1,836 and 443 respectively.
Conversely, Guaranty Trust Company (GTCO) and Norrenberger Pensions had the least RSA numbers with 06 and 01 in the same period.
Furthermore, from inception of the MPP to 30 June 2023, ARM Pension Managers (PFA) Limited, Stanbic IBTC Pension Managers Limited and Tangerine APT Pensions Limited registered the largest number of MPCs with 23,433, 20,493 and 7,540 respectively as at 30 June 2023.
The total Pension Contributions received from MPCs in Q2 2023 was ₦52,911,995.07. This brought the total Pension Contributions made by the MPCs to ₦469,028,731.63 as at 30 June 2023.
A breakdown of the pension contributions received in Q2 2023 showed that Stanbic IBTC Pension Managers Limited, ARM Pension Managers (PFA) Limited, and Fidelity Pension Managers Limited had the highest contributions collected within the period with N23,649,238.59, N10,119,379.83 and N6,260,200.00 respectively.
The PFAs with the lowest contributions were Crusader Sterling Pensions Limited and Norrenberger Pensions with N65,000.00 and N21,200.00 respectively. Radix Pension Managers Limited did not receive any contribution from their registered MPCs during the quarter under review.
Out of the total pension contributions received, Stanbic IBTC Pension Managers Limited, ARM Pension Managers (PFA) Limited and Fidelity Pension Managers Limited accounted for the largest amount with N208,058,754.26, N68,097,754.47 and N47,010,387.14 representing 44.36%, 14.52% and 10.02% of the total contributions received as at 30 June 2023 respectively.
