PFAs record 93,114 RSA contributors in Q1 2022

Pension Fund Administrators (PFAs) in the country registered 93,114 Retirement Savings Accounts (RSAs), holders in the first quarter (Q1) of 2022, bringing cumulative RSA registrations from inception to 9,621,979 as of March 31.

Also, approval was granted to transfer N11.53 million to the RSAs of 213 contributors, and monthly pensions in the sum of N40.47 million to 2,304 Nigeria Social Insurance Trust Fund (NSITF) pensioners.

This was disclosed weekend by the National Pension Commission (PenCom) through a statement posted on its official website.

According to PenCom, the total RSA transfer for the period under review was 7,663, and the transaction was concluded in the first week of April 2022.

The report states: “This covered RSA transfer requests, submitted by PFAs between January 1, and March 31, which were eligible for RSA transfer in the first quarter of 2022.

“Out of the total RSA transfers initiated, 5,543 RSAs were transferred to their new PFAs, along with their associated pension assets, while 2,120 transfer requests failed.

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“The failed submissions by PFAs could be attributed to their internal processes, as all the PFAs recorded some failed RSA transfer request submissions.”

In the same vein, the report pointed out that PenCOM received an application from the Nigeria Social Insurance Trust Fund (NSITF), to transfer NSITF contributions, on behalf of 218 NSITF contributors during the period under review.

It said: “Approval was granted to transfer N11.53 million to the RSAs of 213 contributors; on a similar note, the Commission approved monthly pensions in the sum of N40.47 million to 2,304 NSITF pensioners.”

Also, the report commended the compliance by State governments to the implementation of the Contributory Pension Scheme (CPS) and other Schemes, noting that as of Q1 2022, it was impressive.

The Report states: “25 States of the Federation had enacted pension laws on the CPS, while eight states are at the bill stage, four States adopted the Contributory Defined Benefits Scheme (CDBS).”

Continuing, PenCom stated that it received 11,200 applications from private sector organisations for the issuance of Pension Clearance Certificates (PCCs), explaining that “out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as of March 31.

“The records showed that the 10,541 organisations’ actions had remitted a total sum of N59,39 billion into the RSAs of their employees, totalling 45,170.”