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The National Pension Commission (PenCom) has revealed impressive progress in the number of Retirement Savings Accounts (RSAs) and pension assets under management, marking significant developments in the contributory pension scheme (CPS) during the third quarter of 2023.
PenCom stated that the number of Retirement Savings Accounts (RSAs) registered under the contributory pension scheme (CPS) has surged to 10 million, while the total pension assets under management have reached a substantial N16.76 trillion.
The commission further highlighted that contributions totaling N10.20 billion have been successfully transferred to the Retirement Savings Accounts of 142,486 staff members who are contributors to the Nigerian Social Insurance Trust Fund (NSITF) under the Contributory Pension Scheme (CPS).
Aisha Dahir-Umar, the Director-General of PenCom, made these notable announcements during an interactive session on the contributory pension scheme with private sector stakeholders in Abuja on Thursday.
In an effort to ensure that all contributors within the NSITF platform have their contributions effectively transferred to their RSAs, PenCom urged all employers to encourage their employees who have contributed to the scheme to collaborate with their Pension Fund Administrators (PFAs). Trustfund Pensions, in particular, was recommended for guidance on the process to transfer these contributions to their RSAs.
Aisha Dahir-Umar further conveyed that PenCom continues to make significant advancements in facilitating the seamless implementation of the CPS. The commission has actively revised existing regulations and guidelines, in addition to introducing new ones.
Dr. Umar Farouk Aminu, the commissioner responsible for the administration of the commission, represented the Director-General and highlighted key measures taken by PenCom. These measures included the deployment of an enhanced contributors registration system for the pension industry, as well as the introduction of a data recapture exercise. This exercise mandates all RSA holders who joined the CPS before July 1, 2019, to update their information with their respective PFAs.
Assuring private sector operators of ongoing collaboration with the Nigeria Employers’ Consultative Association (NECA), Aisha Dahir-Umar emphasized the commission’s commitment to robust social dialogue in the interest of all stakeholders under the CPS. She also pledged the commission’s support to NECA in driving initiatives aimed at ensuring the successful implementation of the CPS in Nigeria.
Mr. Adewale-Smatt Oyerinde, Director-General of NECA, conveyed the private sector’s unwavering dedication to the success of the Pension Scheme. He noted that the objective was not only to acknowledge concerns but also to address them promptly.
Oyerinde emphasized the importance of feedback, stating that one key outcome of the session and others like it would be the feedback provided by the Organized Private Sector (OPS). Recognizing their crucial role in the success of the Scheme, Oyerinde expressed the OPS’s commitment to ensuring that the Scheme thrives, regardless of the specific definition of success.
He outlined the significant shift brought about by the Pension Reform Act of 2014, which transformed retirement planning from uncertainty to a more predictable future.
For further streamlining the pension system, the commission developed and deployed the RSA transfer system in 2020, aiming to facilitate RSA holders’ annual transfers between Pension Fund Administrators (PFAs). This system, known as the RSA Transfer System (RTS), is a computer-based application that streamlines the process, ensuring the seamless transfer of RSAs from one PFA to another. This initiative has notably enhanced the quality of service provided by the PFAs.
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