PenCom Registers 100,063 New RSAs In First Half of 2024

…As Stanbic IBTC, Access Pensions Maintain Lead

The National Pension Commission (PenCom) has disclosed that a cumulative total of 100,063 new Retirement Savings Accounts (RSAs) were registered during the first half of 2024 ending on 30th June 2024.

These accounts were accompanied by Personal Identification Numbers (PINs) assigned to workers spanning diverse sectors.

The commission stated this in its second quarter 2024 report seen by THE WHISTLER.

The report also noted that analysis of the RSA registrations across pension fund administrators (PFAs) revealed that Stanbic IBTC Pension Managers continued to maintain the largest market share of 30.11 per cent of new registrations with 30,127 contributors registered.

It is followed by Access Pensions Limited, which had 20.12 per cent with 20,127 new contributors registered.

“ARM Pension Managers Ltd, Premium Pension Ltd and Leadway Pensure PFA Ltd followed with 7.97 per cent. 6.31 per cent, and 5.68 per cent of the new registrations during the quarter respectively.

“Consequently, the top five (5) PFAs collectively held 70.19 per cent while the bottom five (5) PFAs recorded an aggregate of 3.71 per cent of the 100,063 new RSAs registered in Q2:2024,” the Commission said.

According to PenCom, analysis of the new registrations in Q2: 2024 by age and gender indicated that out of the 100,063 registrations, 83.05 per cent or 83.01 were active contributors below the age of 40 years.

Out of this number, 12,838 or 12.83 per cent 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 is actively being enlisted into the scheme.

On the gender distribution, 40,317 or about 40.29 per cent of those who registered during the quarter were males while the female counterparts recorded 59,746 or 59.71 per cent, thus sustaining dominance over the female gender in terms of registration into the scheme.

PenCom said that from the start of its recovery initiative in June 2012 through June 30, 2024, a total of N27.97 billion has been recovered from non-compliant employers.

This figure includes N13.60 billion in outstanding pension contributions and N14.17 billion in penalties, all collected from employers who failed to meet their pension obligations.

PenCom shared these details in its 2024 second-quarter report, which was seen by THE WHISTLER.

According to the report, during the second quarter alone, N336.25 million was recovered from 35 defaulting employers. This amount is N125.57 million in unpaid principal contributions and N210.68 million in penalties.

The Commission further revealed that its Secretariat and Legal Advisory Services Department have been tasked with initiating legal action against three of the defaulting employers.