The National Pension Commission (PenCom) has disclosed that a cumulative total of 88,213 new Retirement Savings Accounts (RSAs) were registered during the quarter ending on 31 December 2023.
These accounts were accompanied by Personal Identification Numbers (PINs) assigned to workers spanning diverse sectors.
The commission stated this in its fourth quarter 2023 report seen by Nairametrics.
Stanbic IBTC Pension Managers maintain the largest market share
The report also noted that 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% of new registrations with 21,212 contributors registered.
It is followed by Access Pensions Limited, which had 19.9% with 17,573 new contributors registered.
“ARM Pension Managers Ltd, Leadway Pensure PFA Ltd and Premium Pension Ltd followed with 9.4%, 8.1%, 6% of the new registrations during the quarter respectively.
Consequently, the top five (5) PFAs collectively held about 67.39% while the bottom five (5) PFAs recorded an aggregate of 5.38% of the 88,213 new RSAs registered in Q4:2023,” the commission said.
Gender and age distribution
According to PenCom, analysis of the new registrations in Q4 2023 by age and gender indicated that out of the 88,213 registrations, 83.45% or 73,612 were active contributors below the age of 40 years.
Out of this number, 42,406 or 48% of the new registrations were below 30 years of age.
This, according to the commission, points to the increasing sustainability of the CPS, as the younger generation is actively being enlisted into the scheme.
On the gender distribution, the commission said 53,422 or about 61% of those who registered during the quarter were male, thus sustaining dominance over the female gender in terms of registration into the scheme.
Recoveries from defaulting employers
PenCom disclosed that from the inception of the recovery initiative in June 2012 until December 31, 2023 (11 years), 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.
The report also noted that throughout the fourth quarter of 2023, a total of N319.469 million was recuperated, consisting of N128.176 million in principal contributions and N191.293 million in penalties, all retrieved from thirty-two (32) delinquent employers.
“The Commission maintained the services of Recovery Agents (RAs) for the recovery of unremitted pension contributions and penalties from defaulting employers.
During the quarter, the sum of N319,468,587.45 comprising principal contributions (N128,176,029.95) and penalties (N191,292,557.50) was recovered from thirty-two (32) defaulting employers. Meanwhile, the Commission Secretariat/Legal Advisory Services Department had been requested to take legal action against four (4) defaulting employers.
From the commencement of the recovery exercise in June 2012 to 31 December 2023, a total sum of N25,447,085,186.71 comprising of principal contributions (N12,929,415,445.52) and penalties (N12,517,669,741.19) was recovered from defaulting employers,” the report noted.