The National Pension Commission (PenCom) revealed that five Pension Fund Administrators (PFAs) accounted for 64 percent of total registered contributors in the second quarter of 2023.
These PFAs include Stanbic IBTC Pension Managers, Access Pensions, ARM Pension Managers, Leadway Pensure, and Premium Pension managers. In that quarter, there were 63,693 new registered contributors, also known as Retirement Savings Account (RSA) holders.
Stanbic IBTC had the highest number of new contributors with 19,076 (30 percent), followed by Access Pension with 7,215 (11 percent), ARM Pension with 5,587 (9 percent), Leadway Pensure with 4,369 (7 percent), and Premium Pension with 4,322 (7 percent).
Since inception up until June 30, 2023, the pension industry has registered a total of 10,009,230 RSA holders. Stanbic IBTC leads with 2,034,226 registered contributors, followed by Access with 1,072,121.
The other three leading PFAs are ARM Pensions with 902,222, Trust Fund Managers with 805,295, and Premium Pensions with 783,196.On the lower end of the table for total registered contributors as of the end of June are Radix Pension Managers with 46,099, followed by NLPC PFA with 61,741.
Others are Guarantee Trust Pension Managers 89,619; Veritas Glanvills Pensions 158,000 and NPF Pension Mangers 160,559.
To deepen pension penetration across the states, PenCom through the zonal offices has continued to engage relevant stakeholders.
In the quarter under review, the South-West Zonal Office of the commission conducted sensitisation session on the workings of the Contributory Pension Scheme (CPS) for staff of National Productivity Centre; staff of Glagos Building Investment Company,; staff of Public Complaint Commission,; staff of Parthian Partners; staff of Future Concerns Nigeria Limited; staff of Federal Education and Quality Assurance Service, all in Lagos and staff of Veevee Paper Products Limited, Ogun State.
The South-South Zonal office also had similar engagements including visit to the Nigeria Television Authority (NTA), Radio Nigeria and Heat FM Radio in Calabar and this was aimed at creating a synergy with the media in educating the public on the workings and benefits of the CPS as well as recent developments in the pension industry.
The SSZO also held meeting with the executive members of the Association of Auto Spare Parts Dealers; Hotel Owners and Managers; staff of National Identity Management Commission; staff of Federal Airport Authority of Nigeria (FAAN) at Margret Ekpo International Airport; staff of Nigeria Immigration Service (NIS), all in Calabar, Cross River State.
The South-East Zonal Office (SEZO) engaged with the Head of Civil Service, Anambra State, to address issues relating to the implementation of the CPS in the State.
The SEZO also participated in a meeting with the Nigerian Employers Consultative Association; held a meeting with the Secretary, Anambra State Post Primary Schools Board; and Commissioner for Women Affairs and Social Development and the Director, Teachers Registration Council of Nigeria.
The organisations and agencies that benefitted from these sessions include the Council for the Regulation of Engineering in Nigeria (COREN) Kano State Office, the National Identity Management Commission (NIMC) Kano Office, the Bank of Industry (BOI) Kano State Office, Jigawa Savings and Loan in Dutse, the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) Kano State Office, the National Investment Promotion Commission (NIPC) Kano State Office, and the Nigerian Export Promotion Council (NEPC) Kano State Office.