The total number of Retirement Savings Account (RSA) registrations by Pension Fund Administrators (PFAs) for the year 2020 was 324,552, which is the lowest annual registrations by PFAs since inception of the Contributory Pension Scheme (CPS).
The 324,552 was derived after comparing the number of RSA registrations as at December 2020, which was 9,215,788, with the 8,891,236 as at December 2019, based on reports released by the National Pension Commission (PenCom). The Year on Year percentage increase for RSA registrations was 3.65% which is also the lowest percentage increase from inception to date.
The percentage increase in RSA registrations Year over Year from 2006 to 2010 was above 13% with the actual number of RSA registrations ranging between 1,500,000 to over 500,000 registrations per year from 2006 to 2010. Between 2011 to 2018, the percentage increase in RSA registrations Year over Year was between 9.8% and 6.5% while the actual number of RSA registrations was an average of 483,000. In 2019 the figure reduced further to 5.72% and actual registrations of 481,052.
PenCom has not been making it easy for stakeholders to analyze RSA Registrations because PenCom in recent times has only been releasing the total number of RSA registrations in its monthly reports without any breakdown, even in its Annual Report for 2019, no breakdown was given for RSA registrations. The last time PenCom released the breakdown was in its annual report for 2018.
In 2020 PenCom only released the breakdown of RSA Registration based on Age and Gender for the quarter ended 30 September 2020. Also, PenCom did not release the monthly reports for RSA registrations as at 30 June 2019 to 29 February 2020, PenCom resumed the publication of the monthly report as at 31 March 2020 without the breakdown of RSA Registration based on Age and Gender.
We look forward to a time when the Regulator, National Pension Commission (PenCom) will release the monthly report for RSA Registrations per Fund, per Pension Fund Administrator (PFA) along with the breakdown based on Age and Gender. This will enable stakeholders and industry analyst measure performance based on RSA registrations per Fund, along age brackets, sector and gender.
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