Registration for pension account drops nearly 24% in Q2
By Jeph Ajobaju, Chief Copy Editor
Registration for Retirement Savings Account (RSA) in the Contributory Pension Scheme (CPS) slashed 23.9 per cent from 83,654 in the first quarter of 2023 (Q1 2023) to 63,693 in Q2 2023, reflecting the general economic hardship that prevents people from saving up.
The numbers dropped 10.2 per cent year-on-year (YoY) from 93,114 in Q1 2022 to 83,654 in Q1 2023, gleaned from the latest report released by the National Pension Commission (PenCom), per Vanguard.
PenCom disclosed a total 63,693 new RSAs were registered and personal identity numbers (PINs) issued to employees in different sectors in Q2 2023.
It said Stanbic IBTC Pension Managers registered the highest number of new entrants with 19,076, representing 30 per cent of total enrollments, and NPF Pension Fund Managers registered the least at 33 or 0.05 per cent.
Access Pensions had the second highest registration with 7,215 (11.3 per cent), followed by Arms Pensions at 5,587 (8.7 per cent), and Leadway Pensure at 4,369 (6.9 per cent).
Other registrations
- Guaranty Trust Pensions Managers – 1078 (1.69 per cent).
- Veritas Glanvills Pensions – 756 (1.2 per cent).
- Nigerian University Pension Management – 189 (0.30 per cent).
________________________________________________________________
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 assets now worth N17tr
The CPS is now worth N17.7 trillion, as disclosed by PenCom which explained pension assets grew to N16.7 trillion in May then rose 1.8 per cent from N16.76 trillion in June to N17.7 trillion in July.
Pension funds allocated N1.8 trillion to corporate debt securities and N1.58 trillion to money market instruments, and investment in ordinary shares of local companies rose from N1.268 trillion in June to N1.338 trillion in July.
Portfolio allocation to Federal Government of Nigeria (FGN) securities was N10.8 trillion in June or 64.6 per cent of total Net Asset Values (NAVs) and Fund II.
Fund II is the default Retiree Savings Account (RSA) Fund under the Multi-Fund Structure, and it maintained the largest share of the Active RSA Funds allocation with N7.3 trillion or 43 per cent of the total fund NAV.
PenCom said this shows investment in FGN securities continues to dominate portfolio allocation with about N11 trillion or 64.7 per cent of total net asset value.
It added RSA holders increased from 10, 009,049 in June to 10, 025,314 in July.