ARM Pension, Stanbic IBTC, and PAL Pension led the list of Pension Fund Administrators (PFA) with the highest number of Retirement Savings Account (RSA) contributors for Micro Pension Plan (MPP) as of June 2022. They jointly account for almost half of all the RSA contributors in the micro-pension scheme.
This is according to the recent report, released by the National Pension Commission (PenCom).
Retirement Savings Account (RSA) typically is an account opened by an employee with any PFA of choice, into which all pension contributions are remitted and thereafter invested for the purpose of paying retirement or terminal benefits.
The number of RSA contributors in the country increased by 9.4% in the second quarter of the year to 80,419 from 73,488 contributors recorded as of Q1 2022, indicating 6,931 new contributors in Q2 2022.
Here is a list of PFAs with the highest RSA Contributors in Nigeria as of June 2022, a list which has grown more competitive since the opening of the transfer window.
#5: Premium Pensions – 6,573
Premium Pensions Limited ranked fifth with a total of 6,573 RSA contributors for its MPP as of June 2022, accounting for 8.2% of the total RSA contributors in the country. Meanwhile, the PFA also recorded a 0.2% marginal increase in its total RSA contributors in Q2 2022 from 6,563 recorded in the previous quarter.
#4: Fidelity Pension – 6,785
Fidelity Pension Managers Limited recorded a total of 6,785 RSA contributors at the end of June 2022, representing 8.4% of the total recorded for the industry. The PFA recorded a 0.5% increase in its RSA contributors in Q2 2022 from 6,753 recorded in the first quarter of the year.
#3: Pensions Alliance Limited – 6,899
With 6,899 RSA pension contributors as of June 2022, Pensions Alliance Limited (PAL) ranked third on the list, accounting for 8.6% of the total contributors as of the review period. On a quarter-on-quarter basis, the RSA contributors increased by 4.3% compared to 6,612 recorded in the previous quarter.
#2: Stanbic IBTC Pension – 12,377
Stanbic IBTC ranked second on the list behind ARM Pension with a total of 12,377 RSA contributors as of the end of June 2022, which is 15.4% of the industry total. Similarly, the PFA recorded a 5.5% growth in its number of RSA contributors, with 642 newly registered in Q2 2022.
#1: ARM Pension – 20,441
Top on the list is ARM Pension Managers with 20,441 total number of Retirement Savings Accounts as of the period under review, a 10.1% increase compared to 18,574 recorded in the previous quarter.
It Is worth noting that ARM Pension accounts for 25.4% of the total RSA contributions as of June 2022, with 1,867 newly registered RSA accounts in Q2 2022.
Others include
- Tangerine Apt Pensions – 4,891
- Trustfund Pensions – 4,834
- FCMB Pensions – 3,714
- Veritas Glanvills Pensions – 3,489
- IEI-Anchor Pensions – 3,221
Join to ensure that employers remit every deduction made from employees salary. Several times some of them owe backlog from deduction already made. Other time, they pay at will and part of what they have already deducted.
The activities of these PFAs need to be closely monitored as they are of no relevance to the retirees needs. They have caused the death of many retirees by delaying their lump sum through careless and unprofessional errors. They are heartless and very selfish. Life is of no importance to them. They just don’t care.. It is as if it is a crime to work and retire in Nigeria.