CPS Total Assets Now N21.38trn as PenCom Attributes Growth to Awareness
CHIGOZIE AMADI
The National Pension Commission(Pension), has said that its consistent awareness creation efforts as well as financial inclusion strategy in the past five years yielded tremendous result despite the harsh economy as assets under management stands at N21.38trillion from N12. 05trillion.
The commission said in the past five years, registration into the Contributory Pension Scheme (CPS) by workers had maintained steady growth showing 13.93 per cent growth from 9,215,788 contributors in Q3 2020 to 10,499,358 in Q3 2024.
PenCom said in like manner, assets under management grew from N12.05 trillion in October 2020 to N21.38 trillion as at Q3, 2024.
The commission disclosed these in its dashboard, which contains assembled information on key pension metrics extracted from its data base platform.
The commission further said out of the aforementioned number of contributors 61 percent of the contributors were male while 38 percent were female. “By Q3 2024, there were 10,536,088 registered Retirement Savings Accounts (RSAs), representing a growing adoption of the pension system. Notable highlights include 118,339 new RSA registrations in the year-to-date period for 2024, reflecting consistent awareness and inclusion efforts. Over the past five years, RSA registration increased by 13.93 per cent from 9,215,788 in Q4 2020 to 10,499,358 in Q3 2024,” the commission stated.
According to the commission, in terms of contributions into various workers RSA cumulative contributions since the inception of the CPS stood at N10.97 trillion as at Q3,2024, with
public sector contributing N5.71 trillion while private sector contributed N5.25 trillion.
The commission, giving account of performance of the Micro Pension Plan which was launched in 2019 to provide retirement savings for people working in the informal sector, informed that the total Micro Pension Registration count from inception between 2019 and Q3 2024 stood at 164,031 adding that in specific terms, the number of informal sector workers with funded RSAs was 12,241.
“From 2020 to Q3 2024, the number of funded RSA registration increased by 5,971. The total amount saved in the RSAs of Micro Pension Participants was N967,194,762.23 as of Q3 2024, which represented a growth of N878,065,827.85 from the 2020 figure of N89,128,934.38.
Highlighting contributors’ reactions to the transfer window initiative, PenCom said no less than N1.26 trillion transferred funds has exchanged hands between various Pension fund administrators disclosing that these were effected by 289,545 RSA holders who moved from one Pension fund administrators to another in their search for more effective and lucrative management of their funds.
