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Pension Account Registration Declines Further in Q2’23

Registration of workers into the Contributory Pension Scheme, CPS, sustained a downward slide in the second quarter of 2023, Q2’23, as new Retirement Savings Accounts, RSAs, fell by 23.9 per cent to 63,693 from 83,654 recorded in the first quarter of 2023, Q1’23.

It will be recalled that the downward trend had started in the first quarter of 2023, Q1’23, as the number of new RSAs dropped by 10.2 per cent year-on-year, YoY, to 83,654 from 93,114 registered in the corresponding period of 2022, Q1’22.

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According to the second quarter report released by the National Pension Commission, PenCom, a total of 63,693 new RSAs were registered and associated PINs issued to employees in different sectors, in the quarter ended 30 June 2023.

A breakdown of the RSA registrations indicates that Stanbic IBTC Pension Managers registered the highest number of new entrants with 19,076 representing 30% of the total enrollments while NPF Pension Fund Managers recorded the lowest numbers of new RSAs at just 33, which represents 0.05% of the total RSAs registered during the quarter.

Further findings show that Access Pensions registered the second highest numbers totaling 7,215 representing 11.3 per cent, Arms Pensions followed with 5,587 representing 8.7 per cent, while Leadway Pensure was next with 4,369 registrations representing 6.9 per cent.

On the lower side of the chart, Nigerian University Pension Management Company was second with 189 registrtaion representing 0.30 per cent, Veritas Glanvills Pensions Limited was next with 756 registrtaion representing 1.2 per cent, while Guaranty Trust Pensions Managers Limited recorded 1078 registrtaions representing 1.69 per cent.

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