Pension contributors reach N469m

17 PFAs Enroll 5,967 Micro Pension Contributors in Q2 Report

According to the National Pension Commission's (PenCom's) most recent report, 17 Pension Fund Administrators (PFAs) have successfully enrolled a total of 5,967 Micro Pension Contributors (MPCs). The total number of MPCs registered as of June 30th, this year, was 99,192.

With the most MPCs (3,155, 1,836, and 443) among the PFAs, Stanbic IBTC Pension Managers Limited, Access Pensions Limited, and ARM Pension Managers (PFA) Limited took the lead. With only six MPCs during the same period, Guaranty Trust Company (GTCO) has one of the lowest rates of Registered Retirement Savings Account (RSA) enrollments.

With 23,433, 20,493, and 7,540 MPCs, respectively, ARM Pension Managers (PFA) Limited, Stanbic IBTC Pension Managers Limited, and Tangerine APT Pensions Limited have continuously registered the most MPCs since the Micro Pension Program's (MPP) commencement.

The report also notes that MPCs contributed a total of N52,911,995.07 toward pensions in the second quarter, bringing the total amount of contributions to N469,028,731.63.