By Bisi Bamishe
Total workers with Retirement Savings Accounts (RSA) under the Contributory Pension Scheme (CPS) stood at 10,381,019 at the end of June 2024
Figures obtained from the National Pension Commission’s report on “Unaudited report on pension funds industry portfolio for the period ended 30 June 2024- Approved Existing Schemes, Closed Pension Fund Administrators and RSA Funds (Including unremitted contributions @CBN & Legacy Funds), revealed.
According to the third quarter report of the National Pension Commission (PenCom), a total of 89,061 new RSAs were registered and associated PINs issued to employees in different sectors in the quarter ended 31 March 2024.
Analysis of the RSA registrations across PFAs in the first quarter of 2024, 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
