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Chuks Udo Okonta
Micro Pension Plan (MPP) is gradually gaining traction as Pension Fund Administrators (PFAs) registered a total of 11,228 participants in year 2021.
According to National Pension Commission (PenCom), the figure brought cumulative number of MPP participants registered between March 2019 and December 31, 2021 to 73,691.
PenCom noted that the analysis of the MPP registration count revealed that the top three PFAs accounted for 48.39 per cent of the total MPP registrations while the top five and top 10 PFAs accounted for 66.10 per cent and 88.22 per cent of the total registrations, respectively. Furthermore, the bottom three PFAs accounted for 1.10 per cent of total MPP registrations while the bottom five and 10 PFAs accounted for 3.24 per cent and 11.78 per cent of the total MPP registrations, respectively, as at 31 December, 2021.
The pension sector regulator maintained that during the year under review, a total of N134,925,936.31 was credited into the RSAs of MPP participants, adding that this brought the cumulative amount credited to N224,054,870.69 as at 31 December 2021.
It submitted that a breakdown of the pension contributions received in 2021 showed that three PFAs accounted for about 48 per cent of total pension contributions while the bottom three cumulatively recorded 1.09 per cent of the total pension contributions.
It said 19 PFAs processed and approved MPP contingent withdrawals for 68 micro pension contributors amounting to N17,776,596.04 in the year, 2021, adding that this brought the cumulative contingent withdrawal made by MPP contributors to N20,033,680.73 as at 31 December, 2021.
PenCom posited that a total of 209 MPP contributors converted to the Mandatory CPS in the year 2021 and their pension contributions valued at N2,441,521.01 moved to their RSAs. This, it said brought the total number of MPP Contributors that converted to the mandatory CPS to 259 with a cumulative amount of N3,680,292.77 as at 31 December 2021.
