The total pension Net Asset Value under the management of Pension Fund Administrators in the country as at December 2024 has hit N22.51trillion as against N22.25trillion recorded in November 2024, The Nation has learnt.
This was shown in a document released by the regulator, the National Pension Commission (PenCom) cited by the newspaper.
Besides, Cumulative contributions of workers under the Contributory Pension Scheme (CPS) since its inception in 2004 has reached N10.97trillion as at Third Quarter, 2024 with public sector contributing N5.71 trillion and private sector N5.25 trillion.
Similarly, pension contribution achieved significant growth in the past five years also with public sector contributions rising from N3.43 trillion to N5.71 trillion while private sector increased from N3.27 trillion to N5.25 trillion.
Meanwhile, micro pension plan which the regulator and operators have been trying to grow has a registration count of 164, 031 participants from inception to Q3, 2024.
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The plan was launched in 2019 to provide retirement savings for people working in the informal sector.
However, the number of informal sector workers with funded Retirement Savings Account (RSAs) stood at 12, 241 out of 164, 031 participants registered under the plan.
In spite of this, the number of funded RSA registration increased by 5, 971 from 2020 to Q3 2024.
Total amount saved in the RSAs of micro pension participants however stands at N967.19million as of Q3 2024 which represented a growth of N878.06million from the 2020 figure of N89.12million.
Also by Q3 2024, there were 10,536,088 registered RSAs, representing a growing adoption of the pension system.
Notable highlights according to PenCom include 118,339 new RSA registrations in the year-to-date period for 2024, reflecting consistent awareness and inclusion efforts, the report showed.
The report further showed that over the past five years, RSA registration increased by 13.93 per cent, from 9,215,788 in Q4 2020 to 10,499,358 in Q3 2024.
The Nation
