Statistics released by National Pension Commission in the second quarter 2021 show that the industry recorded a marginal growth of 0.89% (83,146) in schemes membership during the quarter under review.
The wheel of growth during the quarter under review showed that it wobbled in the three months period (April – June) rising from 9.36 million members at the end of Q1: 2021 to 9.44 million as at Q2: 2021.However, PenCom figures showed that between Q4: 2020 and Q1: 2021, membership rose from 9,204,665 to 9,204,961, an increase of 84,270.
The growth in the industry membership in the Q2: 2021 was driven sorely by the RSA scheme, which had an increase of 83,146 registered contributors. Whereas the membership of the closed pension fund administrator (CPFA) schemes and approved existing schemes (AES) remained unchanged as at Q2: 2021.
PenCom figures as it relates to AES showed that its membership has solidified with constant figures registered for Q3:2020, Q4:2020, Q1:2021 and Q2:2021. No meltdown no rise. However , while the figures for CPFA remained unchanged so far in the two past quarters of this year, it was different for last two quarters of 2020. The CPFA recorded 16,971 membership in Q3:2020, it recorded a meltdown in Q4 with 14.926, a reduction of 2,045.
According to the Commission, the cumulative RSA registrations grew from from 9,300,058 recorded in Q1: 2021 to 9,383,204 as at the end of Q2: 2021, representing a 0.89% growth, mainly attributed to an increased level of compliance by the public and private sectors.
