April 03, (THEWILL) – The National Pension Commission (PenCom) has approved the withdrawal of over N1.72 trillion for Pension Fund Administrators to pay Retirement Savings Account (RSA) holders from inception to 31st December 2022.
According to PenCom in its 2022 4th quarter report, retirees on programme withdrawal topped the list of withdrawal with a total withdrawal of N922.22 bn, followed by Death Benefits which is N328.05 billion.
Others are; Retirement on Annuity N207.68 billion, 25 per cent withdrawal N188.51, Enbloc withdrawal N38.71 billion and Voluntary Contribution N33.82 billion
In another development, the apex pension regulatory body has disclosed that Stanbic IBTC Pension Managers Limited tops the list of Nigeria’s pension managers in the Micro Pension Plan (MCP) contribution introduced four years ago.
This is contained in a release by PenCom showing details of the MCP contributions per Pension Fund Administrator (PFA) in the fourth quarter (Q4) of 2022.
Other top performers include the ARM Pension Managers Limited and Fidelity Pension Managers Limited accounting for N50,231 013 and N39,493 887, representing 13.65 percent and 10.73 percent respectively as at 31st December 2022
The apex pension regulator further disclosed that pension contributions received from MPCs in Q4 of 2022 stood at N42,118,380.
“This brings total Pension contributions received from inception of Micro Pension Plan in March 2019 to 31st December 2022 to N368,034,393,” PenCom said.
Further analysis of the report showed that Stanbic IBTC Pension Managers Limited, ARM Pension Managers Limited and Premium Pension Managers Limited have the highest contributions collected within the period of October to December 2022 with N16,943,318, N11,611,148 and N3,006,300 respectively.
“On the other hand, First Guarantee Pension Limited, Radix Pension Managers and Norrenberger Pensions recorded low contributions with N57,200, N36,000 and N34,340 respectively.
“Sigma Pension did not receive any contributions from their registered MPCs within the period of 4th quarter of 2022,” the release further stated.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
