Micro Pension Registrations per PFA & Fastest Growing PFAs as at 31 March 2023

November 29, 2023 PensionNigeria

The National Pension Commission (PenCom) has disclosed that the total Micro Pension Registrations by Pension Fund Administrators (PFAs) from inception to 31 March 2023 is 93,225.

The report shows that ARM Pension, Stanbic IBTC Pension, Tangerine APT Pensions, PAL PFA and Fidelity Pension are the Top 5 PFAs with highest micro pension registrations from inception to 31 March 2023.

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PenCom also disclosed the micro pension registrations per PFA for January to March 2023 which revealed the fastest growing PFAs by micro pension registrations for the first quarter of 2023.

The fastest growing PFAs by Micro Pension registrations for January to March 2023 are; Stanbic IBTC Pension, ARM Pension, Tangerine APT Pensions, Access Pension and NLPC Pensions, these five (5) PFAs make up 88.64% of all Micro Pension registrations for the first quarter of 2023.

Please see below Table 1 showing Micro Pension Registrations per PFA as at 31 March 2023 and Table 2 showing Fastest Growing PFAs by Micro Pension Registrations for the first quarter of 2023

Micro Pension Registrations per PFA as at 31 March 2023

Micro Pension Registrations January to March 2023

Micro Pension Plan (MPP) is a pension plan under the Contributory Pension Scheme (CPS) that allows people who are not mandatorily covered by the Pension Reform Act 2014, make financial contributions towards the provision of pension at their retirement or incapacitation.

Micro Pension was introduced in March 2019 and it is voluntary for Persons working in organizations with less than three (3) employees and people working in the informal sector e.g, market women, carpenter, plumbers, mechanic, ride hailing drivers etc, can all open a Micro Pension Account with any Pension Fund Administrator (PFA) of their choice except NUPEMCO and Nigeria Police Force PFA.

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