These five PFAs control 56% of pension enrolment

Stanbic IBTC Pension Managers Limited, Access Pension Limited, ARM Pension Managers Limited, Trustfund Pensions Limited and Premium Pension Limited are the pension fund administrators (PFAs) that account for 56 percent of pension enrolment, official data have shown.

Stanbic IBTC Pension led the pack with 2,015,150 retirement savings account (RSA) holders, equal to 20.3 percent of the 9.95 million registered contributors as of March 2023, according to the National Pension Commission (PenCom).

Access PFA had 1,064,906 or 10.7 percent of the total registrations, which some market watchers believe is being driven by its successful acquisitions of Sigma Pensions and majority stake in First Guarantee Pensions.

ARM Pensions Limited came third with 896,635 RSA holders or 9 percent of the total registered contributors.

Trust Fund Pensions Limited enrolled 4,300 participants in the first quarter of 2023, with its total enrolment hitting 801,675 or 8.1 percent of total RSA holders.

Premium Pension Limited came fifth with 778,874 RSA holders or 7.9 percent of the total registered contributors.

PenCom data showed that 83,654 new RSAs were registered and the associated PINs issued to employees in different sectors.

Analysis of the distribution of RSA registrations across PFAs in the first quarter revealed that Stanbic IBTC continued to maintain the largest market share of 28 percent with 23,586 new registrations. It was followed by Access Pensions Limited, which had 11 percent market share with 9,546 new registrations.

ARM Pension Managers (PFA) Limited, Leadway and Premium Pension Limited followed accounted for 9 percent, 8 percent, 7 percent respectively.

The five PFAs collectively held about 63 percent of the 53,353 RSAs registered in the quarter under review.

PenCom data revealed that total pension contributions remitted to individual RSAs in Q1 stood at N225.49 billion, with the public sector accounting for N124.70 billion or 55.30 percent, while the private sector contributed N100.79 billion or 44.70 percent.

The cumulative pension contributions from inception to the end of the first quarter of 2023 amounted to N8.70 trillion.

The total number of registered RSA holders was 9,945,537 as of March 2023, while total pension assets under management by the 19 PFAs stood at N15.583 trillion.