The sustained but lean drops of Micro Pension Plan contributions has risen to N791.57 million as at 31st March 2024, this includes the N111,418,494.28 million that were pooled in Q1 2024.
The contributions came from 126,941 contributors from inception till the end of the first quarter, this figure accommodate the the 12559 Micro Pension Contributors who were registered during the period under review by 17 Pension Fund Administrators,’
The Fourth Quarter Reports also cleared that three PFAs are front runners in registering contributors with Stanbic IBTC Pension Managers Limited at the top with 25,149 (19.81%) coming after is ARM Pension Managers Limited with 24,341 (19.18%) and Access Pensions Limited with 23,030 (18.14%).
Despite falling far below the projections stated at inception some contributors preference for mandatory Contributory Pension Scheme is exfoliating the number of the MPC. In the period under review 104 MPCs converted from MPP to Mandatory CPS with N86,596,103.16 in contributions.
This brings the total conversion amount to N118,406,884.85 from 898 MPCs as at March 2024.
