PenCom says 93,114 Retirement Savings Accounts registered by PFAs in Q1 2022

The National Pension Commission (PenCom) has said that 93,114 Retirement Savings Accounts (RSAs) was registered by Pension Fund Administrators (PFAs) in the first quarter (Q1) of 2022.

This is according to a report on PenCom’s official website. The report showed that RSA Transfer System (RTS), was a total of 7,663 RSA holders initiated RSA transfers in the first RSA Transfer Quarter of 2022, which was concluded in the first week of April 2022.

The report noted that 25 States of the Federation has enacted pension laws on the CPS, while eight states are at the bill stage, and four states adopted the Contributory Defined Benefits Scheme (CDBS).

What the report is saying

The report showed that the registered 93,114 was made during the first quarter under review bringing the cumulative RSA registration from inception to 9,621,979 as at March 31.

• “This covered RSA transfer requests, submitted by PFAs between January 1, and March 31, which were eligible for RSA transfer in the first quarter of 2022.
• “Out of the total RSA transfers initiated, 5,543 RSAs were transferred to their new PFAs, along with their associated pension assets, while 2,120 transfer requests failed.
• “The failed submissions by PFAs could be attributed to their internal processes, as all the PFAs recorded some failed RSA transfer request submissions,” the report reads.
• It noted that an application was received by PenCom from the Nigeria Social Insurance Trust Fund (NSITF), to transfer NSITF contributions, on behalf of 218 NSITF contributors during the quarter under review.
• “Approval was granted to transfer N11.53 million to the RSAs of 213 contributors; on a similar note, the commission approved monthly pensions in the sum of N40.47 million to 2,304 NSITF pensioners.”
• The report also stated that the compliance by State Governments to the status of Implementation of the CPS and other Schemes as at Q1 2022 was impressive.
• “25 States of the Federation had enacted pension laws on the CPS, while eight states are at the bill stage, four states adopted the Contributory Defined Benefits Scheme (CDBS),” it stated.
• The report also revealed that 11,200 applications was received by PenCom from private sector organisations for the issuance of Pension Clearance Certificates (PCCs).
• “Out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as at March 31.
• “The records showed that the 10,541 organisations actions had remitted a total sum of N59,39 billion into the RSAs of their employees, totaling 45,170,” the report said.