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Chuks Udo Okonta
While the public await the commencement of the pension industry’s transfer window, to move to Pension Fund Administrators (PFAs) of their choice, top PFAs are already facing a dwindling market shares, Inspen can report.
Data obtained from the National Pension Commission (PenCom) revealed that the market shares of top three, five and 10 PFAs, slightly dipped as at the end of third quarter 2016.
PenCom stated that the market shares of the bottom three, five and 10 continued to grow within the period, adding that the shares of bottom five and 10 PFAs increased from 4.46 and 15.26 per cent in the second quarter, 2016 to 4.57 and 15.38 per cent as at the end of the reporting period respectively.
The pension regulator, noted that however, the market shares of the top five and 10 PFAs dropped from 56.49 and 81.52 per cent in the previous quarter to 56.35 and 81.40 per cent as at the end of the quarter under review.
PenCom posited that only one PFA has registered more that one million Retirement Saving Account (RSA) holders, adding that four PFAs, have between 500,000 to 1,000,000 RSA holders, 12 PFAs have 100,000 to 499,999 and four have less that 100,000 subscribers.
