Pension Fund Administrators (PFAs) under the supervision of the National Pension Commission (PenCom) has registered 89,061 new employees into the Contributory Pension Scheme (CPS) in the first quarter of 2024.
The new employees and Retirement Savings Account (RSA) holders were from different sectors of the economy. This was contained in PenCom’s first quarter 2024 report.
Analysis of the RSA registrations across PFAs in the report revealed that Stanbic IBTC Pension Managers Limited had the largest market share of 23.9 per cent of new registrations with 21,288 contributors registered, followed by Access Pensions Limited, which had 22.5 per cent with 20,042 new contributors registered.
ARM Pension Managers Ltd, Leadway Pensure PFA Ltd and Premium Pension Ltd followed with 8.4 per cent, 7.1 per cent and 7.0 per cent of the new registrations during the quarter respectively.
Consequently, the top five PFAs collectively held 68.8 per cent while the bottom five PFAs recorded an aggregate of 4.3 per cent of the 89,061 new RSAs registered in Q1, 2024
The new registrations in Q1, 2024 by age and gender indicated that out of the 89,061 registrations, 83.60 per cent or 74,453 were active contributors below the age of 40 years. Out of this number, 10,997 or 12.35 per cent of the new registrations were between the age of 40-49 years.
PenCom stated that these points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.
On the gender distribution, 51,903 or about 58 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.
(Nation)