Pension schemes exclude 90% and pension registration down 10%,
By Jeph Ajobaju, Chief Copy Editor
Only 10 per cent of Nigerians (22 million) have access to pension schemes, according to Norrenberger Pensions Managing Director Hamisu Idris, which means most of the remaining 198 million people live a hardscrabble life after retirement.
Idris spoke in Abuja at a retirement planning seminar targeted at empowering individuals nearing retirement and retirees for a financially-secured future post-retirement.
“80 per cent of Nigerian retirees depend solely on their monthly pension for survival, many of whom live in constant fear of financial crisis based on delayed payments.
“This highlights the crucial role pension plays in their livelihoods. Moreso, only 10 per cent of the Nigerian population has access to pension schemes,” Idris said, per Vanguard reporting.
The seminar featured a robust financial literacy session covering key segments such as financial planning, insurance, lifestyle adjustment, legal and estate planning.
Attendees engaged Norrenberger’s subject matter experts on various themes in retirement planning and also explored other areas involving the profitability of their pension savings.
“In line with our mission to unlock opportunities in the society,” Idris explained, “we established this event to embolden individuals with the necessary knowledge to maximize the profitability of their pension savings and ultimately secure a comfortable retirement.”
Norrenberger Asset Management Business Head, Abigail Utomi, expressed enthusiasm about the initiative and its multiple benefits to the attendees and the wider society.
She emphasised the critical role events of this nature play in piloting financial literacy and security for senior citizens and positively impacting Nigeria’s capital market and economy.
“We continue to seek ways to deepen the market, grow our reach and expand our contribution to Nigeria’s GDP,” Utomi said.
__________________________________________________________________
Related articles:
NASS compiles N30b benefits for federal lawmakers
Outgoing Govs set to collect mega pensions from states owing N3tr debt
PenCom lists 28 states as pension payment defaulters
__________________________________________________________________
Pension registration down 10%, as interest in CPS declines
New enrolment for Retirement Savings Accounts (RSAs) dipped from 93,114 in the first quarter of 2022 (Q1 2022) to 83,654 in Q1 2023, a 10.2 per cent drop year-on-year (YoY) reflecting decline in interest in the Contributory Pension Scheme (CPS).
But the National Pension Commission (PenCom) said it is still engaging Recovery Agents (RAs) to recover unremitted pension contributions and penalties levied against defaulting employers.
“Demand notices were issued to defaulting employers whose pension liabilities were established by the Recovery Agents,” PenCom said in its Q1 2023 report.
“During the quarter, the sum of N384,280,651.48 comprising principal contributions (N193,058,483.56) and penalties (N191,222,167.92) was recovered from 34 defaulting employers.
“Four defaulting employers were forwarded to the Commission Secretariat/Legal Advisory Services Department for prosecution.
“From the commencement of the recovery exercise in June 2012 to 31 March 2023, a total sum of N24,533,339,305.09 comprising of principal contributions (N12,440,682,240.91) and penalties (N12,092,657,064.18) was recovered from defaulting employers.”
The report said Stanbic IBTC continued to maintain the largest market share of 28 per cent with 23,586 new RSA registrations in Q1 2023 among Pension Fund Administrators (PFAs).
Stanbic was followed by Access Pensions Limited which had 11 per cent market share with 9,546 new registrations; ARM Pension Managers Limited came third with 9.2 per cent market share worth 9,546.
Leadway Pensions had 8.8 per cent market share with 6,430 new registrations, and Premium Pension Limited got 7 per cent worth 6,044.
The bottom two positions were occupied by Nigerian University Pension Management Company with 179 new RSA registrations (0.1 per cent of total), and NPF Pensions Managers with 131 or 0.001 per cent.
 have access to pension schemes, according to Norrenberger Pensions){kind=link}