PenCom registers 143,248 new pension accounts as coverage gap persists

The number of new Retirement Savings Accounts (RSAs) registered under Nigeria’s Contributory Pension Scheme (CPS) rose by 24.7% to 143,248 in the first quarter of 2026, up from 114,864 recorded in the preceding quarter.

The National Pension Commission (PenCom), in its Q1 2026 report, said the increase lifted cumulative RSA registrations from 11.04 million at the end of December 2025 to 11.18 million by March 2026.

The commission attributed the stronger enrolment to improved digital onboarding and continued public sensitisation, while noting that pension coverage remains relatively low compared with the size of Nigeria’s labour force.

What the agency is saying

PenCom said 143,248 new RSAs were opened during Q1 2026, representing a significant improvement from the 114,864 accounts registered in Q4 2025.

• “Cumulative RSA registrations rose from 11,040,227 at the end of Q4 2025 to 11,183,475 at the end of Q1 2026, on the back of 143,248 new accounts opened during the quarter.
• “The quarterly cadence is materially stronger than the 114,864 opened in Q4, and reflects both improved digital onboarding and sustained public sensitisation,” PenCom said.

Despite the increase, registered pension contributors account for only about 12.1% of Nigeria’s estimated 92 million labour force, highlighting the substantial gap in pension coverage, particularly among informal-sector workers.

The five largest Pension Fund Administrators (PFAs) by new registrations accounted for 54.41% of total additions during the quarter, down from 62.11% in Q4 2025.

• PenCom said the lower concentration among the leading PFAs pointed to increased competition, particularly among mid-tier operators.
• The Q1 figures also show a relatively young profile among new pension contributors.
• People below the age of 40 accounted for 75.31% of new RSA registrations during the quarter, according to PenCom.

The commission described the youthful membership base as a long-term strength for the pension industry because these contributors have several decades before retirement and therefore longer periods for pension savings and investments to accumulate.

PenCom said the age profile should also inform pension investment strategies, as longer investment horizons may provide greater capacity to accommodate appropriate levels of investment risk.

Get up to speed

In July, PenCom disclosed plans to increase statutory pension contribution rates as part of an ongoing review of the Pension Reform Act (PRA) 2014.

Under the current pension framework, employers are required to contribute a minimum of 10% of an employee’s monthly emoluments, while employees contribute 8%, bringing total mandatory pension contributions to 18%. PenCom now intends to increase this figure.

The agency also said it is developing plans to establish a new investment vehicle that could channel resources from the country’s $22 billion pension industry into critical infrastructure projects.

What you should know

Nigeria’s pension assets rose to a record N31.32 trillion in May 2026, according to PenCom’s unaudited industry report released on June 29, 2026.

The figure represents a 1.23% increase from N30.94 trillion recorded in April, with pension assets growing by approximately N384.98 billion within one month.

On a year-on-year basis, total pension assets increased by 29.5% from N24.18 trillion in May 2025, highlighting the continued expansion of the industry and the growing importance of pension savings in Nigeria’s financial system.