A total of 92,413 pension contributors changed their pension fund administrators in 2022, representing a 90.2% increase from the 48,593 contributors that switched managers in 2021.
This is according to the quarterly summary of Retirement Savings Account (RSA) accounts transferred by pension fund administrators report for the fourth quarter of 2022, released by the National Pension Commission (PenCom) and compiled by Nairalytics.
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According to data tracked by Nairalytics, the research arm of Nairametrics, a total of 143,805 RSA contributors have transferred since the reopening of the transfer window in December 2020. The breakdown of the data showed that 34,283 RSA contributors filed for a transfer in the fourth quarter of 2022, which is the highest quarterly number recorded since the inception of the window.
The number of Pension Fund Administrators (PFAs) in the country reduced from 22 to about 19 as a result of mergers and acquisitions in the industry, following the announcement by the industry regulator to increase the minimum Regulatory Capital requirement to N5 billion from N1 billion.
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