The Lagos State Government has announced the disbursement of over N63 billion in pension benefits to 19,814 retirees over the past five years.
NPF Pensions' RSA holders increased from 20,852 holders 2021 to a total of 323,096 RSA holders by the end of 2022.
A total of 92,413 RSA pension contributors changed their pension fund administrators in 2022, representing a 90.2% increase from 2021
The number of RSA transfers processed in Q3 2022 is the highest quarterly number recorded since the opening of the transfer window in November 2020
The report said persistent scepticism about the pension system in the country has limited the growth of the industry
Competition for market share means the era of 20-plus PFAs is screeching to an end
PFA’s portfolios remain skewed towards riskless FGN instruments and money market instruments which almost all earn negative real interest rates
Pension Fund Administrators (PFA) in Nigeria incurred a sum of N18.85 billion as income tax in 2021, a 15.6% increase compared to N16.31 billion spent in 2020.
The pension industry has grown highly competitive in the last two years following the opening of the transfer window, which allows contributors to switch PFAs.
Nigerian Pension Fund Administrators (PFA) now have asset under management of about N14.2 trillion as of May 2022
The company ranked among the best performing PFAs from inception to date.
Stanbic IBTC, APT Pension and Veritas Glanvills led the list of best performing PFAs in Nigeria between January...
