The option of non-mandatory contributions to increase monthly contribution into retirees savings account RSA has still not created a preference in the ranks of pension contribution in the contributory pension scheme CPS.
The current Pension Industry Performance Dashboard up to September 2024 published by National Pension Commission February 2025, show that PenCom option for contributors to build a large pool of pension fund for robust retirement has still not emerged as a safety net for retirement with content.
Dashboard figure show that these non-mandatory contributions remitted into an employee’s RSA through the employer has only secured 50,237 contributors since inception to Q4 2023. The total amount paid by contributors was N41.08bn.
In the first and second quarter of 2024, figures show that respective 1,302 and 797 contributors joined and their respective amount paid was N3.87bn and N3.46bn.
