The National Pension Commission (PenCom) has said analysis of the new registrations in Q3:2023 by age and gender showed that 50 per cent of new contributors are below 30 years of age and that out of a total of 94,633 registrations, about 80 per cent or 80,863 of them were below 40 years of age
PenCom stated this in it’s third quarter 2023 report
According to the pension industry regulator, out of 94,633 registered contributors, 47,374 or 50 per cent were below 30 years of age, stressing that this points to the increasing sustainability of the CPS, as the younger generation
are actively being enlisted into the scheme.
On the gender distribution, 57,863 or about 61 per cent of those that registered during the quarter were males, thus sustaining dominance over the female gender in
terms of registration into the scheme.
PenCom submitted that during the quarter under review, the 18 licensed Pension Fund Administrators (PFAs) registered a total of 94,633 new Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme, stating that analysis of the RSA registrations across PFAs in the third quarter 2023, revealed that Stanbic IBTC continued to maintain the largest market share of 21 per cent of new registrations with 19,528 contributors registered in Q3, followed by Access, which had 16 per cent with 15,449 new contributors registered. Leadway, ARM and Premium PFAs followed with 9 per cent, 8 per cent, 7 per cent of the market share, in new registrations respectively.
Consequently, the five PFAs collectively held about 61 per cent of the 94,633 RSAs registered in Q3:2023, PenCom posited.