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The rising rate of inflation that has plagued the domestic economy attributed to the declining rate of Retirement Savings Account (RSA) registrations and remittance of contributions in Nigeria’s Pensions Industry.
The Pension Industry witnessed a slight decline of RSA registration from 93,633 in Q3:2023 to 88,213 in Q4: 2023.
In addition, contributions decreased by 0.85% during the quarter to N285.14 billion in Q4 from N287.57 billion in Q3. The rate of inflation increased to 28.92% in December, 2023 from 26.72% in September, 2023.
However, pension funds and assets witnessed a growth of 5.80% from N17.35 trillion as at Q3:2023 to N18.36 trillion as at Q4:2023.
A total of 88,213 new RSAs were registered and associated PINs issued to employees in different sectors in the quarter ended 31 December 2023.
Analysis of the RSA registrations across PFAs revealed that Stanbic IBTC Pension Managers continued to maintain the largest market share of 24% of new registrations with 21,212 contributors registered, followed by Access Pensions Limited, which had 19.9% with 17,573 new contributors registered.
ARM Pension Managers Ltd, Leadway Pensure PFA Ltd and Premium Pension Ltd followed with 9.4%, 8.1%, and 6% of the new registrations during the quarter respectively.
Consequently, the top five (5) PFAs collectively held about 67.39% while the bottom five (5) PFAs recorded an aggregate of 5.38% of the 88,213 new RSAs registered in Q4:2023.
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