The pension industry registered a total of 69,889 new employees from the formal sector in the fourth quarter ended December 31, 2022.
The workers named Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS) as the most preferred as they were registered and the associated PINs issued to them in various sectors.
This was made known by the National Pension Commission (PenCom) in its Fourth Quarter, 2022 Report.
Analysis of the distribution of RSA registrations across PFAs in the fourth quarter 2022 show that Stanbic IBTC continued to maintain the largest market share of 23 per cent with 16,006 new registrations, followed by ARM Pension Managers (PFA) Limited, which had 10 per cent market share with 7,312 new registrations.
Leadway, Sigma and Premium PFAs followed with nine per cent, eight per cent, seven per cent market share.
Consequently, the five PFAs held about 57 per cent of the 69,889 RSAs registered in the quarter under review.
Meanwhile, the commission stated that there has been great impact of the RSA Transfer System (RTS) on the industry.
According to PenCom, from October 1 to December 31, last year, a total of 26,035 RSA transfer requests were submitted by PFAs on behalf of RSA holders.
The commission said: “Furthermore, a total of 34,261 RSA transfer requests initiated by RSA holders will be processed in the fourth RSA Transfer Quarter 2022, which will be concluded in the first week of January 2023.
“This covers RSA transfer requests submitted by PFAs between September 1, 2022 and November 30, 2022 and are, therefore, eligible for transfer in the fourth quarter of 2022.
“Successfully processed RSAs will be transferred to their new PFAs, along with their associated pension assets. The total value of the pension assets of transferred RSAs will be determined at the conclusion of the quarter activities.”
PenCom further explained the gender and age distribution.
The analysis of new registrations into the CPS by age and gender within the quarter showed that of a total of 69,889 registrations, about 84 per cent or 58,948 of them were below 40.
Of this number, 31,836 or 45 per cent were below 30 years. This points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.
On the gender distribution, 42,404 or about 61 per cent of those that registered during the quarter were males, thus sustaining dominance over the female gender in terms of registration into the scheme.
On pension contributions, PenCom noted that the pension contributions remitted to individual RSAs in Q4 2022 stood at N237.24 billion.
Of this total, the public sector accounted for N129.06 billion or 54.40 per cent while the private sector contributed N108.18 billion or 45.60 per cent.
The cumulative pension contributions from inception to the end of the fourth quarter of 2022 amounted to N8.47 trillion, which is an increase from N8.23 trillion as at the end of Q3 2022.
The aggregate pension contributions of the public sector increased from N4.27 trillion in Q3 2022 to N4.40 trillion as at the end of Q4 2022.
Similarly, the aggregate pension contributions of the private sector also increased from N3.96 trillion in Q3.
PenCom also disclosed ranking of PFAs by the number of contributions received.
The ranking of PFAs by cumulative pension contributions received from the inception of the CPS to the end of Q4 2022 indicated that the top five ranked PFAs received 69.91 per cent of the total contributions as at the end of Q4 2022.