PenCom: 91.4% of Nigeria’s personal pension accounts remain unfunded

About 91.4% of retirement savings accounts (RSAs) registered under Nigeria’s Personal Pension Plan (PPP) remained unfunded at the end of the first quarter of 2026, according to data from the National Pension Commission (PenCom).

The data showed that 219,316 PPP RSAs had been registered, but only 18,811 accounts, representing 8.58%, had received contributions, leaving 200,505 accounts without funding.

The figures also showed that PPP contributions reached N147.16 million in the first quarter, taking cumulative contributions since inception to N1.66 billion.

What the report is saying

The latest figures highlight the wide gap between PPP registrations and accounts receiving regular contributions, despite continued participation in the scheme.

• A total of N11.12 million was withdrawn contingently in the first quarter by 15 Personal Pension Contributors (PPCs) through four Pension Fund Administrators (PFAs).
• Cumulative contingent withdrawals stood at N124.30 million, involving 346 PPCs.
• AccessARM recorded a 33.64% share of new PPP RSA registrations during the first quarter.
• Its cumulative market share stood at 52.4% of all PPP RSAs.

The data was contained in PenCom’s first-quarter 2026 pension industry report.

Get up to speed

PenCom is also reviewing Nigeria’s pension framework as it seeks to strengthen contributions and broaden the role of pension assets in the economy.

• In July, the commission disclosed plans to increase statutory pension contribution rates as part of an ongoing review of the Pension Reform Act (PRA) 2014.
• Under the current framework, employers are required to contribute a minimum of 10% of an employee’s monthly emoluments, while employees contribute 8%, bringing the mandatory contribution rate to 18%.
• PenCom has indicated that this rate could be increased under the proposed reforms.
• The commission is also developing plans for a new investment vehicle that could channel part of Nigeria’s pension assets into critical infrastructure projects.

Nairametrics earlier reported that 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.

What you should know

Nigeria’s pension industry continued to expand in 2026, with total pension assets reaching a record N31.32 trillion in May, according to PenCom’s unaudited industry report.

• The May figure represented a 1.23% increase from N30.94 trillion recorded in April.
• Pension assets increased by approximately N384.98 billion within one month.
• On a year-on-year basis, total pension assets rose 29.5% from N24.18 trillion in May 2025.
• The growth highlights the increasing size of pension savings and their significance within Nigeria’s financial system.

While the wider pension industry continues to grow, the PPP data shows that converting registered accounts into actively funded retirement savings remains a major gap.