The performance of the pension industry for the Q3, 2024 show that Micro Pension Plan MPP launched in 2019 is still unnoticed as a significant contributor in the performance index of the National Pension Commission, and this base line restriction since inception will according to PenCom, begin to move into data significance after the overhaul of the plan is complete in due course.
For instance, no figure is assigned to MPP under the pension contribution chart since inception in 2004, public and private contributors took the respective 48% and 52%. The cumulative contributions since the inception of the Contribution Pension Scheme (CPS) reached N10.97tr as at Q3, 2024, with these respective figures, N5.71tr and N5.25tr for public and private sectors. The public sector which maintains the lead stretched a bit further in Q3 to earn 52.1% while the private sector dipped to close at 47.9%.
Further stats show that pension contribution has achieved significant growth in the past five years. The public sector contributions rose from N3.43tr to N5.71tr, while private sector increased from N3.27tr to N5.25tr.
For the MPP which provide retirement savings for people working in the informal sector its performance is still below significant data capture. The total micro pension registration count from inception to Q3 2024 stood at 164,031. Specifically, the number of informal sector workers with funded RSA was 12,241. The current publication of PenCom show from 2020 to Q3 2024, the number of funded RSA registration increased by 5,971.
The total amount saved in the RSAs of Micro Pension participants was N967,194,762.23 as of Q3 2024, which represented a growth of N878,065,827.85 from the 2020 figure of N89,128,934.38
The score for the conventional contributors is where the data action resides, by Q3, there were 10,536,088 registered Retirement savings Accounts (RSAs), representing a growing adoption of the pension system. Notable highlights include 118,339 new RSA registrations in the year-to-date period for 2024, reflecting consistent awareness and inclusion efforts.
According to PenCom over the past five years, RSA registration increased by 13.93%, from 9,215,788 in Q4 2020 to 10,499,358 in Q3 2024. The gender classification of the registration show that 60% were male and 38% were female during this period.
The dashboard figures for assets under management as at Q3 2024 show that the figure has hit N21.38tr, managed under these asset categories; cash, infrastructure fund, private equity fund, real estate properties, mutual fund, money market securities, supra-national bonds, corporate debt securities, state government securities FGN securities and equities.
Under the retirement benefits, PenCom stats show that 8,572.28 are under annuity while 17,341.65 are under programmed withdrawal. The total lump sum paid out indicate that programme withdrawal have received N1,141,684.00 while annuity portion is 321,151.00 and coming behind is enbloc, 55,374.22.
