Analysis of RSA Registrations, Inception to Dec 2020
The total number of Retirement Savings Account (RSA) registrations by Pension Fund Administrators (PFAs) for the year 2020 was 324,552, which is the lowest annual registrations by PFAs since inception of the Contributory Pension Scheme (CPS).
The 324,552 was derived after comparing the number of RSA registrations as at December 2020, which was 9,215,788, with the 8,891,236 as at December 2019, based on reports released by the National Pension Commission (PenCom). The Year on Year percentage increase for RSA registrations was 3.65% which is also the lowest percentage increase from inception to date.
Support PensionNigeria financially with N1,000 per Month HERE, or with any amount HERE
Empower us to do more independent analysis of the Pension Industry in Nigeria
Subscribe to PensionNigeria Daily News Broadcast on WhatsApp, just send “Subscribe” to 08160052802, PLEASE ensure you also save 08160052802 to your contacts as “PensionNigeria” to enable you receive the PensionNigeria News Broadcast.
The percentage increase in RSA registrations Year over Year from 2006 to 2010 was above 13% with the actual number of RSA registrations ranging between 1,500,000 to over 500,000 registrations per year from 2006 to 2010. Between 2011 to 2018, the percentage increase in RSA registrations Year over Year was between 9.8% and 6.5% while the actual number of RSA registrations was an average of 483,000. In 2019 the figure reduced further to 5.72% and actual registrations of 481,052.
PenCom has not been making it easy for stakeholders to analyze RSA Registrations because PenCom in recent times has only been releasing the total number of RSA registrations in its monthly reports without any breakdown, even in its Annual Report for 2019, no breakdown was given for RSA registrations. The last time PenCom released the breakdown was in its annual report for 2018.
In 2020 PenCom only released the breakdown of RSA Registration based on Age and Gender for the quarter ended 30 September 2020. Also, PenCom did not release the monthly reports for RSA registrations as at 30 June 2019 to 29 February 2020, PenCom resumed the publication of the monthly report as at 31 March 2020 without the breakdown of RSA Registration based on Age and Gender.
Support PensionNigeria financially with N1,000 per Month HERE, or with any amount HERE
Empower us to do more independent analysis of the Pension Industry in Nigeria
Subscribe to PensionNigeria Daily News Broadcast on WhatsApp, just send “Subscribe” to 08160052802, PLEASE ensure you also save 08160052802 to your contacts as “PensionNigeria” to enable you receive the PensionNigeria News Broadcast.
We look forward to a time when the Regulator, National Pension Commission (PenCom) will release the monthly report for RSA Registrations per Fund, per Pension Fund Administrator (PFA) along with the breakdown based on Age and Gender. This will enable stakeholders and industry analyst measure performance based on RSA registrations per Fund, along age brackets, sector and gender.
Also check out
Biggest PFAs by RSA Registrations
Total RSA Registration as at 31 December 2020
RSA Contributors, History and the 2020 Challenges
Update on the Micro Pension Plan Sept 2020
Data Recapturing is a Must for Retirement Savings Account holders —PenOp
Support PensionNigeria financially with N1,000 per Month HERE, or with any amount HERE
Empower us to do more independent analysis of the Pension Industry in Nigeria
Subscribe to PensionNigeria Daily News Broadcast on WhatsApp, just send “Subscribe” to 08160052802, PLEASE ensure you also save 08160052802 to your contacts as “PensionNigeria” to enable you receive the PensionNigeria News Broadcast.
Subscribe to PensionNigeria Daily Newsletter and get Today’s Top Pension News delivered straight into your email box every Evening.
If you have subscribed before and you still do not receive our Newsletter, please check your “Spam Folder”, if you find our Newsletter there, mark it as “NOT SPAM” or move it to your Inbox
Pension is Your Right,
An Insurance for Old Age
Follow PensionNigeria on Social Media LinkedIn Twitter Instagram Facebook YouTube