•93,114 new enrollees join in first quarter of 2022
No fewer than Nine Million, Six hundred and Twenty one thousands, nine hundred and Seventy Nine (9,621,979) enrollees have now joined the Contributory Pension Scheme, CPS, after successfully registering with different Pension Fund Administrators, PFAs and opening Retirement Saving Accounts, RSAs in the country.
The National Pension Commission, PenCom, which disclosed this in its 2022 first quarter (Q1) report on the Commission’s official website, informed that Ninety three thousand one hundred and fourteen (93,114) new enrollees have registered with PFAs and opened RSAs, bringing the total RSA registrations from inception, to 9,621,979 as at March 31, 2022.
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The report stated that the RSA Transfer System, RTS, was a total of 7,663 RSA holders initiated RSA transfers, in the first RSA Transfer Quarter of 2022, which was concluded in the first week of April 2022.
According to the commission, “This covered RSA transfer requests, submitted by PFAs between January 1, and March 31, which were eligible for RSA transfer in the first quarter of 2022. Out of the total RSA transfers initiated, 5,543 RSAs were transferred to their new PFAs, along with their associated pension assets, while 2,120 transfer requests failed. The failed submissions by PFAs could be attributed to their internal processes, as all the PFAs recorded some failed RSA transfer request submissions.”
PenCom equally noted that it received an application from the Nigeria Social Insurance Trust Fund, NSITF, to transfer NSITF contributions, on behalf of 218 NSITF contributors during the quarter under review.
The commission said approval was granted to transfer N11.53 million to the RSAs of 213 contributors, even as it approved monthly pensions in the sum of N40.47 million to 2,304 NSITF pensioners.
According to the PenCom, the compliance status by state governments to the Pension Reform Acts, PRA 2014 to the Contributory Pension Scheme, CPS, and other schemes as at first quarters of 2022 was impressive, saying “25 states of the Federation had enacted pension laws on the CPS, while eight states are at the bill stages; four states adopted the Contributory Defined Benefits Scheme, CDBS.”
It informed that it received 11,200 applications from private sector organisations for the issuance of Pension Clearance Certificates, PCCs.
Out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as at March 31.
The records showed that the 10,541 organisations actions had remitted a total sum of N59,39 billion into the RSAs of their employees, totaling 45,170,” it added.
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