Only 9,103,653 workers had Retirement Savings Accounts with Pension Fund Administrators as of the end of August.
The National Pension Commission disclosed this in its ‘Total RSA registrations as at 31 August 2020’ latest report obtained from on Friday.
PenCom also said in its second quarter report, “The RSA registrations grew to 9,039,727 as at second quarter 2020, moving from 8,998,580 in the first quarter 2020, representing a growth of 0.46 per cent.”
The growth was attributed to the increased level of compliance by the private sector as a result of the various steps taken by the commission as well as marketing strategies of the PFAs.
It said the pension industry recorded a 0.45 per cent growth (41,074) in the scheme membership during the second quarter of 2020, moving from 9.06 million contributors at the end of the preceding quarter to 9.1million.
The growth in the industry membership was driven by the RSA scheme, which had an increase of 41,147 contributors representing 0.46 per cent.
However, it added, membership of the Closed Pension Fund Administration scheme declined by 73 members to 17,125 while the Approved Existing Scheme membership remained unchanged at 40,951 as at the second quarter of 2020.
During the quarter under review, the PFAs registered a total of 2,839 contributors under the Micro Pension Plan for whom a total of N7.4m had been remitted to the RSAs as pension contributions.
Cumulatively, it added, a total of 51,974 informal sector workers had registered for the MPP and contributed the sum of N42.1m as of 30 June 2020.
The PenCom’s report said during the quarter under review, 5,100 private sector organizations applied for issuance of Pension Clearance Certificate out of which 4,937 were processed and issued PCCs while 163 applications were turned down due to non-remittance of pension contributions for the appropriate period and/or non-provision of Group Life Insurance Policy.
The 4,937 organizations that were issued certificates remitted the sum of N19.39m into the RSAs of 67,692 employees.
explained the Approved Existing Schemes as pension schemes existing prior to the introduction of the Contributory Pension Scheme in June, 2004 and were approved to continue as AES.
Membership of this fund was restricted to employees of the specific organizations.
The CPFAs, it said, were pension schemes in the private sector existing prior to the introduction of CPS and were licensed to operate as CPFAs and membership of this fund was restricted to employees of that specific organization.