Pension

Stanbic IBTC Pension two others control 54.1% of total RSA assets under management – PenCom

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Chuks Udo Okonta

Stanbic IBTC Pension Managers Limited; ARM Pension Managers Limited and Premium Pension Limited are said to be accounting for more than half of the total Retirement Savings Account (RSA) assets under management which is placed at 54.1 per cent.

Data obtained from the National Pension Commission (PenCom) also stated that aside the top three, the top 10 Pension Fund Administrators (PFAs) had 87.62 per cent of the total RSA assets under their management, while the bottom 10 PFAs accounted for 9.34 per cent of the RSA assets under management at the end of third quarter 2019.

PenCom noted that the ranking of PFAs by total pension contributions received into the pension fund indicates that the top 5 ranked PFAs received 66.16 per cent of the total contributions as at the end of the third quarter of 2019, adding that the top 10 ranked PFAs accounted for 88.09 per cent of the total contributions, while the bottom 5 and 10 PFAs received N109.68 billion and N535.92 billion pension contributions, representing 1.86 per cent and 9.08 per cent of the total contributions respectively as at the end of the quarter under review.

The ranking of PFAs by number of registered contributors, PenCom said showed a redistribution of the market share across the various groups, stressing that during the quarter, the market shares of the bottom three, five and ten PFAs had continued to grow, while those of the top three, five and ten slightly dipped.

PenCom noted that the shares of the bottom five and 10 PFAs increased from 3.88 and 14.98 per cent, in the second quarter of 2019 to 3.90 and 14.99 per cent respectively as at the end of the reporting period. Similarly, it maintained that the market shares of top five and ten PFAs dropped from 53.41 and 78.59 per cent in the previous quarter to 53.40 and 78.58 per cent respectively as at the end of the quarter.

The pension sector regulator said that 66.67 per cent (14) of the PFAs had each registered less than 500,000 RSAs while the remaining seven PFAs (33.33 per cent) had registered more than 500,000 RSAs each.

According PenCom one PFA which is Stanbic IBTC Pension Managers Limited has above one million RSA holders; six PFAs have five hundred thousand to one million; eleven PFAs have one hundred thousand to four hundred and ninety nine thousand, nine hundred and ninety nine and four PFAs have less than one hundred thousand.

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