Retirement Savings Account hits 9,529,127 registrations

The Contributory Pension Scheme (CPS) has continued to grow and gain acceptance in the country as the Pension Fund Administrators (PFAs) registered a total of 67,954 Retirement Saving Accounts (RSAs) during the fourth quarter (Q4) of 2021.

This brings the cumulative RSA registrations from inception to 9,529,127 as of 31 December 2021.

This is contained in the fourth quarter 2021 report published by the National Pension Commission (PenCom) on its website.

According to the report, an analysis of the distribution of the RSAs across PFAs revealed that the top five PFAs maintained the largest market share of about 53 percent of the 9.5 million RSAs as of 31 December 2021.

In terms of sectorial distribution, of the RSAs registration, the Private Sector maintained 58 percent; Public Sector (i.e. Federal and State MDAs) had about 42 percent while the Micro Pension Plan (MPP) accounted for 0.8 percent of the total number of RSAs registered.

A breakdown of the distribution as analyzed by the report shows that under the public sector, the Federal Government workers, including the MDAs have 2,236,368 registered RSAs holders, indicating 23.5 percent; the States have 1,729,592, showing 18.2 percent; Micro Pension Plan (MPP) has 73,994, representing 0.78 percent; while the Private Sector recorded 5,489,173, indicating 57.60 percent, bringing the total to 9,529,127 registered RSAs from inception to 31 December 2022.

Further analysis of new registrations on the CPS for the quarter showed that 73 percent were below the age of 40 years. This points to the increasing sustainability of the CPS, as the younger generation is actively being enlisted into the scheme.

Regarding gender distribution, 65 percent of those that registered during the quarter under review were male, while 35 percent were female.

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