As to the disclosure made by PenCom, the National Pension Commission, N117.89 billion was paid out to retirees as retirement benefits during Q4’23 [the fourth quarter of 2023].
As compared to N95.94 billion recorded in the third quarter of 2023, Q3’23, data from the PenCom quarterly report indicates a 22.88% increase.
The rise, according to PenCom, is the consequence of greater annuity and lump-sum payments paid over the relevant period.
Regarding programme withdrawal mode, the Commission reported that during the period, 6,598 requests for retirees to take a pension reduction under Programmed Withdrawal mode were filed by Pension Fund Administrators.
The data shows that 6,592 claims were authorized by the Commission, and six(6) requests were denied because the lump amount or monthly pension calculations were incorrect.
2,860 retirees from the commercial sector and 3,732 from the public sector made up the 6,592 whose benefits were authorized. For the 6,592 retirees, a lump sum of N34.38 billion was allowed; their monthly pension was N488.19 million.
The number of Retirement Savings Accounts (RSAs) increased as well; 88,213 new RSAs were registered, and PINs were given to employees in various industries.
According to a breakdown of the statistics, Access Pensions Limited had a 19.9% market share with 17,573 new contributors enrolled, while Stanbic IBTC Pension Managers maintained a strong 24 percent share with 21,212 contributors registered. In order of percentage of new registrations during the quarter, ARM Pension Managers Ltd., Leadway Pensure PFA Ltd., and Premium Pension Ltd. came in second, third, and sixth, respectively.
Thus, out of the 88,213 new RSAs registered in Q4:2023, the top five PFAs owned around 67.39%, while the worst five PFAs reported an aggregate of 5.38%.