In Nine Months, Pension Contributors Rose By 245,385 – PenCom

The number of workers with pension accounts under the Contributory Pension Scheme rose by 245,385 in nine months to 9,461,173.

The latest data obtained from the National Pension Commission on ‘Total RSA registrations as at 30 September 2021’ showed the number of pension contributors stood at 9,215,788 as of December 2020.

PenCom also said in its quarterly report that the cumulative RSA registrations grew from 9,300,058 in Q1 2021 to 9,383,204 as at the end of Q2 2021, representing a 0.89 per cent growth, mainly attributed to an increased level of compliance by the public and private sectors.

While showing the Pension Fund Administrators’ market share by RSA registration, the commission said the ranking of PFAs by the number of registered contributors as of the end of Q2 2021 showed that there was an increase in the market share of the bottom three PFAs from 1.60 per cent in Q1 to 4.5 per cent in Q2.

It added that the bottom five PFAs recorded a slight increase in the number of registered RSAs from 4.2 per cent in Q1 2021 to 7.1 per cent in Q2.

According to PenCom, the bottom 10 PFAs recorded a marginal increase from 15.30 per cent in Q1 to 18.2 per cent in Q2.

The market share of the top three remained unchanged at 37.30 per cent in Q2, while the top five PFAs also maintained their market share of 53.10 per cent as recorded in Q1.

It added that the market share of the top 10 PFAs marginally declined from 78.30 per cent in Q1 to 75.1 per cent as at Q2.

PenCom said a further breakdown of the cumulative PFA registrations revealed that 15 PFAs had registered less than 500,000 RSAs each while the remaining seven PFAs had registered more than 500,000 RSAs each as of the end of Q2.

The report said, “The Closed Pension Fund Administrators and Approved Existing Schemes’ total membership was 14,926 and 40,951, respectively as at the end of Q1 2021. These figures remained unchanged as at the end of Q2 2021.”

“The pension industry recorded a marginal growth of 0.89 per cent (83,146) in schemes membership during the quarter under review, rising from 9.36 million members at the end of Q1 2021 to 9.44 million as at Q2 2021.

“The growth in the industry membership was driven solely by the RSA Scheme, which had an increase of 83,146 registered contributors. Membership of the Closed Pension Fund Administrator Schemes and Approved Existing remained unchanged as at Q2, 2021.”