Pension registrations rise by 245,385
By Jeph Ajobaju, Chief Copy Editor
Registration for the national Contribution Pension Scheme rose 2.6 per cent in the third quarter of 2021 (Q3 2021), according to the latest data released by the National Pension Commission (PenCom).
The numbers grew by 245,385 to 9,461,173 in Q3 2021 against 9,215,788 in Q4 2020, PenCom disclosed in its report titled “Total RSA [Retirement Savings Account] registrations as at 30 September 2021”.
Cumulative RSA registrations rose from 9,300,058 in Q1 2021 to 9,383,204 in Q2 2021, a 0.89 per cent growth attributed mainly to greater compliance by the public and private sectors.
The report said the ranking of Pension Fund Administrators (PFAs) by the number of registered contributors showed an increase in the market share of the bottom three PFAs from 1.60 per cent in Q1 2021 to 4.5 per cent in Q2.
The bottom five PFAs recorded an increase in the number of registered RSAs from 4.2 per cent in Q1 to 7.1 per cent in Q2.
The bottom 10 had a rise of 15.30 per cent in Q1 to 18.2 per cent in Q2.
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Market share
The market share of the top three remained unchanged at 37.30 per cent in Q2, and the top five also maintained their market share of 53.10 per cent as in Q1, said the report, published by The PUNCH.
The market share of the top 10 PFAs declined from 78.30 per cent in Q1 to 75.1 per cent in Q2.
PenCom said 15 PFAs registered fewer than 500,000 RSAs each in Q2 and the remaining seven registered more than 500,000 RSAs.
“The Closed Pension Fund Administrators and Approved Existing Schemes’ total membership was 14,926 and 40,951, respectively as at the end of Q1 2021. These figures remained unchanged as at the end of Q2 2021.
“The pension industry recorded a marginal growth of 0.89 per cent (83,146) in schemes membership during the quarter under review, rising from 9.36 million members at the end of Q1 2021 to 9.44 million as at Q2 2021,” the report said.
“The growth in the industry membership was driven solely by the RSA Scheme, which had an increase of 83,146 registered contributors.
“Membership of the Closed Pension Fund Administrator Schemes and Approved Existing remained unchanged as at Q2, 2021.”