The National Pension Commission has disclosed that a cumulative total of 88,213 new Retirement Savings Accounts were registered during the quarter ending on 31 December 2023.
These accounts were accompanied by Personal Identification Numbers assigned to workers spanning diverse sectors.
The commission stated this in its fourth quarter 2023 report.
The report also noted that analysis of the RSA registrations across pension fund administrators revealed that Stanbic IBTC Pension Managers continued to maintain the largest market share of 24 percent of new registrations with 21,212 contributors registered.
It is followed by Access Pensions Limited, which had 19.9 percent with 17,573 new contributors registered.
The report also noted that analysis of the RSA registrations across pension fund administrators (PFAs) revealed that Stanbic IBTC Pension Managers continued to maintain the largest market share of 24 percent new registrations with 21,212 contributors registered.
It is followed by Access Pensions Limited, which had 19.9 percent with 17,573 new contributors registered.
According to PenCom, analysis of the new registrations in Q4 2023 by age and gender indicated that out of the 88,213 registrations, 83.45 percent or 73,612 were active contributors below the age of 40 years.
Out of this number, 42,406 or 48 percent of the new registrations were below 30 years of age.
This, according to the commission, points to the increasing sustainability of the CPS, as the younger generation is actively being enlisted into the scheme.
On the gender distribution, the commission said 53,422 or about 61 percent of those who registered during the quarter were male, thus sustaining dominance over the female gender in terms of registration into the scheme.
PenCom disclosed that from the inception of the recovery initiative in June 2012 until December 31, 2023 (11 years), a cumulative amount of N25.447 billion has been recovered from defaulting employers.
This, according to PenCom, comprises N12.929 billion in principal contributions and N12.518 billion in penalties, all collected from defaulting employers.
The report also noted that throughout the fourth quarter of 2023, a total of N319.469 million was recuperated, consisting of N128.176 million in principal contributions and N191.293 million in penalties, all retrieved from thirty-two (32) delinquent employers.
