The National Pension Commission (PenCom) has maintained an upward growth trajectory as the contributory Pension Scheme (CPS) recorded a total asset of N20.48 trillion in the second quarter of 2024, marking a 4.17 per cent  increase from N19.66 trillion it recorded in Q1 2024.

According to PenCom, the number of pension contributions increased from 89,061 in the first quarter of 2024  to 100,063 in Q2 2024. It noted that remittance of pension contributions increased by 20.26 per cent from N314.17 billion in Q1 2024 to N377.83 billion in Q2 2024.

 “The Nigerian economic landscape in Q2 2024 continued to experience a mix of growth and significant challenges, particularly with the rate of inflation, increasing to 34.19 per cent in June, 2024 from 33.20 per cent in March, 2024. The increase led to an upward adjustment of the Monetary Policy Rate (MPR) by the monetary authority from 24.75 per cent in Q1 2024 to 26.25 per cent in Q2:2024. Many other factors including depreciation of the naira, sluggish agricultural productivity and increased transport costs due to fuel subsidy removal and regional instability have continued to affect the economic landscape and ultimately disposable incomes,” PenCom stated.

The  commission noted  that a total of 100,063 new Retirement Savings Account (RSA) holders were recorded and associated PINs issued to employees in different sectors in the quarter ended 30 June 2024.

A detailed analysis of  RSA registrations across PFAs shows that  that Stanbic IBTC Pension Managers Limited had the largest market share of 30.11 per cent of new registrations with 30,127 contributors registered, followed by Access Pensions Limited, which had 20.12 per cent with 20,137 new contributors registered. ARM Pension Managers Limited, Premium Pension Limited and Leadway Pensure PFA Limited followed with 7.97 per cent 6.31 per cent 5.68 per cent of the new registrations during the quarter respectively.

According to PenCom,  the top five PFAs collectively held 70.19 percent while the bottom five PFAs recorded an aggregate of 3.71 per cent of the 100,063 new RSAs registered in Q2:2024.

On micro pension registration and contribution,  the commission said  a total number of 16,624 Micro Pension Contributors (MPC) were registered during the period under review by 15 pension fund administrators bringing the total number registered MPCs from inception to 143,565 as at 30 June, 2024.