Pension Assets Soars to N20.48tn as Number of Contributors Hit 100,063
CHIGOZIE AMADI
The National Pension Commission (PenCom) has said that despite the prevailing high inflation rate which has been ravaging businesses, pension assets and contributors into the Contributory Pension Scheme (CPS) have maintained upward growth trajectory with the total pension assets standing at N20.48 trillion as at the second quarter of 2024, up from N19.66 trillion margin in the first quarter.
PenCom said the number of contributors into the CPS rose from 89,061 in Q1: 2024 to 100,063 in Q2: 2024.
“Just as remittance of pension contributions increased by 20.26 per cent from N314.17 billion in Q1 2024 to N377.83 billion in Q2 2024,” it said.
The commission said overall pension funds and assets witnessed 4.17 per cent growth from N19.66 trillion as at Q1 2024 to N20.48 trillion as at Q2 2024.
“The Nigerian economic landscape in Q2 2024 continued to experience a mix of growth and significant challenges, particularly with the rate of inflation, increasing to 34.19 per cent in June, 2024 from 33.20 per cent in March, 2024. The increase led to an upward adjustment of the Monetary Policy Rate (MPR) by the monetary authority from 24.75 per cent in Q1 2024 to 26.25 per cent in Q2:2024. Many other factors including depreciation of the naira, sluggish agricultural productivity and increased transport costs due to fuel subsidy removal and regional instability has continued to affect the economic landscape and ultimately disposable incomes”.
Giving an update on Retirement Savings Account Registrations, the commission said a total of 100,063 new RSAs were registered and associated PINs issued to employees in different sectors in the quarter ended 30 June 2024.
On individual company performance in the exercise in terms of number of contributors registered by each of the Pension Fund Administrators, the commission said analysis of the RSA registrations across PFAs revealed that Stanbic IBTC Pension Managers Limited had the largest market share of 30.11 per cent of new registrations with 30,127 contributors registered, followed by Access Pensions Limited, which had 20.12 per cent with 20,137 new contributors registered. ARM Pension Managers Limited, Premium Pension Limited and Leadway Pensure PFA Limited followed with 7.97 per cent 6.31 per cent 5.68 per cent of the new registrations during the quarter respectively.
According to PenCom, consequently, the top five PFAs collectively held 70.19 percent while the bottom five PFAs recorded an aggregate of 3.71 per cent of the 100,063 new RSAs registered in Q2:2024.
On micro pension registration and contribution, the commission said a total number of 16,624 Micro Pension Contributors (MPC) were registered during the period under review by 15 pension fund administrators bringing the total number registered MPCs from inception to 143,565 as at 30 June, 2024.
