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The National Pension Commission (PenCom) announced that it has paid out N117.89 billion in retirement benefits to retirees during the fourth quarter of 2023.
According to a report released by PenCom, this amount represents a 22.88% increase from the N95.94 billion disbursed in the third quarter of 2023. The rise in disbursements was attributed to higher lump-sum and annuity premium payments during the period.
The report also detailed that Pension Fund Administrators processed 6,598 applications from retirees opting for Programmed Withdrawal mode of pension retrieval. Of these applications, PenCom approved 6,592, rejecting only six due to errors in the calculation of lump sums or monthly pensions.
The approved payouts included a total lump sum of N34.38 billion distributed among the 6,592 retirees, with their collective monthly pensions amounting to N488.19 million. Out of these beneficiaries, 2,860 were from the private sector and 3,732 from the public sector.
Furthermore, the quarter saw a significant increase in Retirement Savings Account (RSA) memberships, with 88,213 new RSAs created and their corresponding Personal Identification Numbers (PINs) issued. The distribution of new RSA registrations among leading Pension Fund Administrators (PFAs) shows that Stanbic IBTC Pension Managers led with a 24% market share, registering 21,212 new contributors. Access Pensions Limited followed with 19.9% of the market, adding 17,573 new contributors. ARM Pension Managers Ltd, Leadway Pensure PFA Ltd, and Premium Pension Ltd also had significant shares, with 9.4%, 8.1%, and 6% respectively. Together, these top five PFAs accounted for approximately 67.39% of all new registrations during the quarter, while the bottom five PFAs collectively accounted for only 5.38% of the total new RSA registrations in the fourth quarter of 2023.
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