Micro Pension Registrations per PFA as at Dec 2021 and Fastest Growing PFAs by Micro Pension Registrations

The National Pension Commission (PenCom) has released its Annual Report for the year 2021, the report revealed that Pension Fund Administrators (PFAs) registered 73,691 Micro pension contributors as at 31 December 2021 and also provided the breakdown of the registrations per PFA.

The report shows that ARM Pension, Stanbic IBTC Pension, Fidelity Pension, Premium Pension and PAL PFA are the Top 5 PFAs with highest micro pension registrations as at 31 December 2021.

The report also included the Micro Pension registrations for January to December 2021 for all PFAs which revealed the fastest growing PFAs by Micro Pension registrations for the year 2021.

The fastest growing PFAs by Micro Pension registrations are Stanbic IBTC Pension, APT Pension, Trustfund Pensions and ARM Pensions, these four PFAs all have over a thousand registrations, double digit industry share percentage and they make up 70.90% of all Micro Pension registrations for January to December 2021.

See below Table showing Micro Pension Registrations per PFA as at Dec 2021

See below Table showing Fastest Growing PFAs by Micro Pension Registrations January to December 2021

PensionNigeria believes that more needs to be done on Micro Pension registrations, the estimated less than 100,000 registrations after 3 years launch of the Micro Pension Scheme in Nigeria is not impressive, considering the fact that about 80% of the Nigeria working population is in the informal sector.

Micro Pension Plan (MPP) is a pension plan under the Contributory Pension Scheme (CPS) that allows people who are not mandatorily covered by the Pension Reform Act 2014 make financial contributions towards the provision of pension at their retirement or incapacitation.

Micro Pension was introduced in March 2019 and it is voluntary for Persons working in organizations with less than three (3) employees and people working in the informal sector e.g, market women, carpenter, plumbers, mechanic, ride hailing drivers etc, can all open a Micro Pension Account with any Pension Fund Administrator (PFA) of their choice except NUPEMCO and Nigeria Police Force PFA.

Check below for PensionNigeria breakdown of all the important aspects of the PenCom 2021 Annual Report

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PenCom 2021 Annual Report Breakdown

Chairman’s Statement in PenCom 2021 Annual Report
Director General’s Report in PenCom 2021 Annual Report
Analysis of Pension Operating Environment for the Year 2021
Micro Pension Registrations per PFA as at Dec 2021 and Fastest Growing PFAs by Micro Pension Registrations
Update on the Micro Pension Plan for Year 2021
N93.49 Billion Pension Contributions not in Contributors Retirement Savings Account
Defaulting Employers pay Penalties of N10.03 billion into Employees RSA as PenCom takes 67 Employers to Court
Redacted Reports – Unfunded RSAs and RSAs with Incomplete Documentation
PTAD paid N99.94 billion to Federal Government Retirees in 2021
PenCom Stakeholder Engagement and Public Enlightenment Activities in 2021
Biggest PFAs by RSA Pension Fund Assets under Management & Fastest Growing PFAs in 2021
Update on Implementation of Minimum Pension Guarantee
PenCom provides Scanty Update on using RSA for Payment of Residential Mortgage
PenCom approved over N1.46 Trillion for PFAs to pay RSA Holders
PFAs made over N340.57 Billion Total Income in 3 years

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PenCom 2021 Annual Report Breakdown

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