• Tuesday, April 16, 2024
businessday logo

BusinessDay

Stanbic, Access account for 41% of new pension contributors

Pension contribution up 14.2% in Q3 on salary raise, state’s compliance

Two pension fund administrators (PFAs), Stanbic IBTC Pension Managers and Access Pensions, accounted for 41 percent of new pension contributors in the second quarter of this year, data from the National Pension Commission (PenCom) show.

Five PFAs, including ARM Pension Managers, Leadway Pensure and Premium Pension Managers, accounted for 64 percent of the 63,693 new pension contributors or Retirement Savings Account holders registered in Q2.

Stanbic IBTC topped with 19,076 (30 percent), followed by Access Pension, 7,215 (11 percent); ARM Pension, 5,587 (9 percent); Leadway Pensure, 4,369 (7 percent); and Leadway, 4, 322 (7 percent).

As of June 30, 2023, the pension industry has registered 10,009,230 RSA holders, with Stanbic and Access leading with 2,034, 226 and 1,072,121 respectively.

ARM Pensions had 902,222 contributors as at the end of June; Trust Fund Managers, 805,295; and Premium Pensions, 783,196.

Read also; New government to face double whammy in uphill task to reconstruct economy

The PFAs with the least numbers of pension contributors are Radix Pension Managers (46,099) and NLPC PFA (61,741).

Others are Guaranty Trust Pension Managers (89,619); Veritas Glanvills Pensions, 158,000; and NPF Pension Managers, 160,559.

To deepen pension penetration across the country, PenCom, through the zonal offices, has continued to engage relevant stakeholders.

Read also: Stanbic IBTC Pension, Access, three others hold 64% of new registered contributors Q2

In the quarter under review, the South-West Zonal Office of the commission conducted sensitisation session on the workings of the Contributory Pension Scheme (CPS) for staff of National Productivity Centre, Lagos Building Investment Company, Public Complaint Commission, Parthian Partners, Future Concerns Nigeria Limited, Federal Education and Quality Assurance Service, all in Lagos and staff of Veevee Paper Products Limited, Ogun State.

The South-South Zonal Office (SSZO) also had similar engagements including visit to the Nigeria Television Authority, Radio Nigeria and Heat FM Radio in Calabar, and these were aimed at creating a synergy with the media in educating the public on the workings and benefits of the CPS as well as recent developments in the pension industry.

The SSZO also held meetings with the executive members of the Association of Auto Spare Parts Dealers and Hotel Owners and Managers, staff of National Identity Management Commission, Federal Airport Authority of Nigeria at Margaret Ekpo International Airport, and Nigeria Immigration Service, all in Calabar, Cross River State.

The South-East Zonal Office (SEZO) engaged with the Head of Civil Service, Anambra State, to address issues relating to the implementation of the CPS in the state.

The SEZO also participated in a meeting with the Nigerian Employers Consultative Association, and held a meeting with the secretary of Anambra State Post Primary Schools Board, the commissioner for Women Affairs and Social Development and the director of Teachers Registration Council of Nigeria.

In Anambra State, the SEZO also had a sensitisation session on the workings of the CPS for staff of Beracah Consulting Limited, Public Complaint Commission, National Drug and Law Enforcement Agency, Nigeria Immigration Service, National Examination Council; and Nigerian Postal Service.

The North West Zonal Office conducted a Train-the-Trainers enlightenment programme for staff of the Federal Airports Authority at the Mallam Aminu Kano International Airport, Kano.

Read also: Pension defaulters deprive workers of additional benefits

Other sensitisation session on the workings of the CPS for staff of the Council for the Regulation of Engineering in Nigeria, Kano State Office; National Identity Management Commission, Kano Office; the Bank of Industry, Kano State Office; Jigawa Savings and Loan, Dutse; National Agency for the Prohibition of Trafficking in Persons, Kano State Office; National Investment Promotion Commission, Kano State Office; and Nigerian Export Promotion Council, Kano State Office.