The National Pension Commission (PenCom) said as at the end of the third quarter of 2023, the number of Retirement Savings Accounts (RSAs) under its Contributory Pension Scheme (CPS) stood at 10 million and the size of the pension Asset Under the current Management amounted to N16.76 trillion.
The Director General of the National Pension Commission (PenCom), Aisha Dahir-Umar who was represented by the Commissioner, of Administration, Dr Umar Farouk Aminu, made this known at an interactive session on the CPS for the organised private sector held in Kano.
She said the commission has continued to record giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones as it accords priority in the deployment of the Enhanced Contributors Registration System (ECRS) for the pension industry.
“The pension industry is one of the fastest-growing financial sectors in Nigeria. The Commission has introduced the Data Recapture Exercise (DRE), which mandatorily requires all RSA holders who joined the CPS before the 1st of July 2019 to update their information with their respective Pension Fund Administrators (PFAs).
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“At the end of the third quarter of 2023, the number of RSAs under the CPS stood at 10 million and the size of the pension Asset Under Management amounted to N16.76 trillion. Accordingly, the contributions of the Organised Private Sector (OPS) in this regard cannot be overemphasised,” she said.
She added that so far, contributions worth N10.20 billion have been transferred to the RSAs of 142,486 NSITF Scheme contributors while ensuring that all contributors under the NSITF Scheme have their NSITF contributions transferred to their RSAs.
Similarly, the DG at an interactive session organised by PenCom and Nigeria Employers’ Consultative Association (NECA) on CPS in Lagos called for collaboration among all stakeholders.
Represented by the Commissioner Technical, National Pension Commission, Anyim Nyere, the DG stated that the commission developed and deployed the RSA Transfer System (RTS) in 2020, stating that the RTS is a computer-based application for initiating, processing, and monitoring the RSA transfer process in ensuring a seamless transfer of RSAs from one PFA to another.
She said, “RSA transfer window has continued to improve the quality of service delivery by the PFAs.”
Director General of NECA, Adewale Smatt Oyerinde, said the deliberation would give room for more improvement and development in the pension sector.
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