• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Retirement benefits to pensioners drop by N23.57 billion in Q1 2021

Abiola Odutola by Abiola Odutola
July 4, 2021
in Business News
PENCOM, Pension Funds, Analysis: Your pension fund is worth less, PenCom dissolves interim management committee for First Guarantee Pension, appoints new board
Share on FacebookShare on TwitterShare on Linkedin

The National Pension Commission has said that Pension Fund Administrators paid N67.42 billion as retirement benefits to pensioners under the Contributory Pension Scheme in the first quarter of 2021. This was lower than the N90.99 billion paid in Q4 2020.

The disclosure is contained in the Q1 2021 report of the National Pension Commission.

“A total of N67.42 billion was paid as retirement benefits in Q1 2021. This was lower than the N90.99 billion paid in Q4 2020 by N23.57 billion,” the report stated.

RelatedStories

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

Nigeria’s pension fund assets hit N24.10 trillion in May 2025 amid strategic portfolio rebalancing 

July 10, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

Nigeria’s pension fund assets hit N23.56 trillion in April 2025 — here’s where the money went  

June 26, 2025

READ: Nigeria’s Micro Pension industry: A gold mine waiting to be tapped

According to the report, the number of workers with pension accounts rose by 84,270 to 9.3 million as of the end of March 2021 from 9.22 million at the end of December 2020.

The report also added that the cumulative RSA registrations grew from 9,215,788 recorded in Q4, 2020 to 9,300,058 as of Q1, 2021, representing a 0.91 percent growth, which was mainly attributed to an increased level of compliance by the public and private sectors.

“As of Q1 2021, the ranking of PFAs by number of registered contributors showed a marginal growth in the market share of the bottom three PFAs to 1.60 percent in Q1 2021 from 1.5 percent in Q4 2020.

READ: PenCom discontinues Employee Death Benefit Account  

The bottom five PFAs recorded a slight increase in the number of registered RSAs from 4.10% in Q4 2020 to 4.20% in Q1 2021.

In the same vein, the bottom 10 PFAs recorded a marginal increase from 15.20 percent in Q4 2020 to 15.30 percent in Q1, 2021,” it added.

PenCom said the market share of the top three decreased from 37.40 percent in Q4 2020 to 37.30 percent in Q1 2021 while the market share of the top five PFAs declined from 53.20 percent to 53.10 percent.

READ: 6 types of pension plans: Deciding which is right for you

The market share of the top 10 PFAs declined from 78.40 percent in Q4 2020 to 78.30 percent in Q1 2021.

“A further breakdown of the cumulative PFA registrations revealed that 15 PFAs had registered less than 500,000 RSAs each while the remaining seven PFAs had registered more than 500,000 RSAs each as at the end of the Q1 2021,” it said.

In case you missed it

The Federal Government has approved the payments of outstanding pension liabilities under the Contributory Pension Scheme (CPS) through a Presidential order, according to Nairametrics.


Follow us for Breaking News and Market Intelligence.
Tags: National Pension Commission
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Related Posts

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

Nigeria’s pension fund assets hit N24.10 trillion in May 2025 amid strategic portfolio rebalancing 

July 10, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

Nigeria’s pension fund assets hit N23.56 trillion in April 2025 — here’s where the money went  

June 26, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

PenCom unveils Pension Boost 1.0, raising monthly payouts for over 233,000 Nigerian retirees 

June 20, 2025
African Bond market, Bonds
Fixed Income

Investors sell off Nigerian bonds over good governance concerns amid high yields – report 

September 22, 2024
PenCom
Funds Management

Nigeria’s pension asset gains N4.1 trillion in one year, hits all-time high of N20.2 trillion

July 5, 2024
COVID-19: Survey confirms job losses, hardship for Nigerians
Fixed Income

Nigerians withdraw N14.2 billion from pension funds as job losses spike

June 12, 2024
Next Post
Broadband subscriptions peak at 82.7m – Prof. Danbatta, NCC initiates second phase of sim deactivation, disables 2.2 million lines, MTN, Airtel, others contribute N6 trillion to GDP each quarter every year, NCC wades into coronavirus linkage with 5G, says controversy is untrue

NCC records 400% revenue increase, generates N150 billion spectrum fees in 5 months

Comments 1

  1. Mohammed Sule says:
    July 5, 2021 at 7:44 am

    Compliment of the season, I wish to notify you that the pensioners also needed additional in their pension payment to enable tham meet there need in the market as there is no market for pensioners.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Elon Musk’s xAI seeks top-tier multimedia engineers for Grok avatar team with salaries up to $440,000 
  • Canada to issue 10,000 Parents and Grandparents Program sponsorship from July 28 
  • BBNaija season 10 to launch July 26 with N150 million grand prize 

Follow us on social media:

Recent News

Elon Musk’s xAI raises $6 billion in Series B funding round 

Elon Musk’s xAI seeks top-tier multimedia engineers for Grok avatar team with salaries up to $440,000 

July 16, 2025
Canada

Canada to issue 10,000 Parents and Grandparents Program sponsorship from July 28 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics