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Chuks Udo Okonta
The National Pension Commission (PenCom) has said 84 per cent of Retirement Savings Account (RSA) registration in the fourth quarter 2022 are below 40 years, an addication that the younger generation are actively being enlisted into the Contributory Pension scheme (CPS).
PenCom noted that the analysis of new registrations into the CPS by age and gender within the quarter showed that out of a total of 69,889 registrations, about 84 per cent or 58,948 of them were below 40 years of age. stressing that out of this number, 31,836 or 45 per cent were below 30 years of age.
The pension sector regulator submitted that this points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.
On the gender distribution, PenCom noted that 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.
“A total of 69,889 new RSAs were registered and the associated PINs issued to employees in different sectors, in the quarter ended 31 December 2022,” PenCom stated.
It maintained that analysis of the distribution of RSA registrations across PFAs in the fourth quarter 2022, revealed 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, while Leadway, Sigma and Premium PFAs followed with 9 per cent, 8 per cent 7 per cent market share respectively.
It noted that consequently, the five PFAs collectively held about 57 per cent of the 69,889 RSAs registered in the quarter under review.
