The National Pension Commission, PenCom, has disclosed that the total membership of the pension Schemes increased by 3.6% from 8.95 million from December 2019 to 9.3 million in December 2020.

This is according to the Commission’s recently released 2020 Annual Report.

Growth in the industry is said to have been triggered by factors such as increase in the level of compliance by the public and private sectors owing to steps taken by the commission to improve compliance and coverage, as well as enhanced market penetration and strategies deployed by the PFAs.

Key highlights of the report
According to the report, membership of the Retirement Savings Account (RSA) dominated the total Pension Scheme memberships at 9.2 million, representing a 99.40%, while the AES and the CPFAs accounted for the balance of 0.60%; which is made up of 40,951 and 14,926 members respectively.
Similarly, the growing acceptance of the Micro Pension Plan by the informal sector as at year-end 2020 pushed the total membership count to 62,463.
The membership of the CPFA which dropped by 13.97 % from 17,349 recorded in 2019 to 14,926 as at 31 December 2020 was attributed to the high number of employees who left the employment of the Scheme sponsors and subsequently exited the Scheme.
The RSA registrations increased from 8,891,236 as at 31 December 2019 to 9,215,788 as at 31 December 2020, representing a growth rate of 3.65% or 324,552 in absolute terms.

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