The National Pension Commission (PenCom) said no fewer than 88,213 new retirement savings accounts (RSAs) holders had been added to the Contributory Pension Scheme (CPS) in the last quarter of last year.
According to the quarterly report, the new accounts were accompanied by personal identification numbers (PINs) assigned to workers spanning diverse sectors.
Analysis of the RSA registrations across pension fund administrators (PFAs) revealed that Stanbic IBTC Pension Managers continued to maintain the largest market share of 24 per cent of new registrations with 21,212 contributors registered, followed by Access Pensions Limited, which had 19.9 per cent with 17,573 new contributors registered.
Other PFAs include ARM Pension Managers Limited, Leadway Pensure PFA Limited and Premium Pension with 9.4 per cent, 8.1 per cent and 6 per cent new registrations respectively.
“Consequently, the top five PFAs collectively held about 67.39 per cent while the bottom five PFAs recorded an aggregate of 5.38 per cent of the 88,213 new RSAs registered in the 4th quarter of 2023,” the commission said.
According to the report, analysis of the new registrations in 2023 by age and gender indicated that out of the 88,213 registrations, 83.45 per cent or 73,612 were active contributors below the age of 40. Of this number, 42,406 or 48 per cent of the new registrations were below 30 years of age.
On the gender distribution, the commission said 53,422 or about 61 per cent of those who registered during the quarter were male, sustaining dominance over the female gender in terms of registration into the scheme.
The report also disclosed that from the inception of the recovery initiative in June 2012 until December 31, 2023, a cumulative amount of N25.447 billion has been recovered from defaulting employers. This, according to PenCom, comprises N12.929 billion in principal contributions and N12.518 billion in penalties, all collected from defaulting employers.
