The third-quarter report on the pension industry by the Nigerian Pension Commission (PenCom), shows that out of 22 fund administrators, Stanbic IBTC, ARM Pension, Trustfund Pension, Sigma Pension, sit atop the list of most subscribed pension fund administrators (PFA) in the country.
The report indicates that the four leading PFAs by subscriber numbers have 20.2 percent, 9.0 percent, 8.2 percent and 8.0 percent respectively as their individual shares of the total subscribers in the country.
Stanbic IBTC took the lead with a total RSA count of 25,969 in the third quarter report, while ARM, Trustfund and Sigma followed with 7,216, 6,035 and 4,781 respectively.
Similarly, the RSA (retirement saving account) count Investment Till Day (ITD) revealed 1.85 million for Stanbic IBTC, ARM has 821,958, while Trustfund and Sigma have ITD count of 751,242, and 727,636 respectively.
A further examination of the PenCom data shows that the 22 PFAs registered a total of 107,158 new RSAs, bringing the total RSA registration count to 9,147,039 as at 30 September 2020. This indicates a 1.18 percent growth in the pension industry, driven by the RSA scheme.
From the bottom-up, on the log, NUPEMCO holds the least of RSA registration count as at the third quarter of 2020 with 656 RSA count, representing 0.2 percent and 15,106 ITD, while Radix had a 0.4 percent or 1,199 count and 34,046 ITD and AXA Mansard has 1.0 percent or 1,852 count and 88,126 ITD.
The report further shows that during the quarter under review, 5,700 private sector organisations applied for issuance of Pension Clearance Certificates (PCCs). Out of this number, 5,432 organisations were issued certificates while the remaining 268 applications were declined for not meeting the stipulated requirements.
The sum of N24.98 billion was remitted into the RSAs of 76,498 employees by the 5,432 organisations that were issued with the PCCs for contingent reasons by the industry regulatory body.
Meanwhile, the period saw 19 PFAs register 6,826 contributors under the Micro Pension Plan (MPP). The participants contributed a total of N22.53 million into their respective RSAs. Cumulatively, a total of 58,800 informal sector workers had registered under the MPP and contributed a total sum of N64.65 million from inception in March 2019 to 30 September 2020.
