PFAs struggle with micro pension plan as three firms register six contributors in Q3, 2022

Kindly leave a comment and share

Chuks Udo Okonta

Pension Fund Administrators (PFAs) seem to be struggling in on-boarding contributors into Micro Pension Plan (MPP) as three firms registered only six subscribers in the third quarter of 2022.

The National Pension Commission (PenCom) in its micro pension registration schedule for the month of September 2022, which showed the Retirement Savings Accounts (RSAs) registered in third quarter, revealed that Crusader Sterling Pensions Limited, registered four contributors; Guaranty Trust Company, one contributor and Radix Pension Managers Limited, one contributor.

Sigma Pensions Limited also registered 16 contributors in the quarter, while Stanbic iBTC Pension Managers Limited, registered the highest which was 1137 contributors.

PenCom noted that the total number of registered contributors in the quarter stood at 4,193.

The pension industry regulator submitted that the total number of registered contributors from inception to September 2022 was 84,612.

It said ARM Pension Managers (PFA) Limited has the highest contributors which was 21,375 and Sigma Pensions the lowest 16 contributors.

Director-General, PenCom, Mrs. Aisha Dahir-Umar, while speaking recently at the 2022 Nigerian Association of Insurance and Pension Editors (NAIPE) Conference in Lagos, on what the PenCom is doing to on-board contributors on the MPP, said on-boarding SMEs into the Micro Pension Plan is one of the strategies in which the pension industry has been contributing to the financial inclusion initiative of the Federal Government.

She said the micro pension plan was designed for those in the informal sector including the SMEs

She submitted that PenCom In collaboration with the Pension Operators Association of Nigeria (PenOp), has come up with lots of initiatives for the SMEs for the benefit of the industry.

One Comment

Leave a Comment

Your email address will not be published.