20 PFAs register 3,663 for N25m in Q4 2020

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No fewer that 20 Pension Fund Administrators (PFAs) registered 3,663 contributors under the Micro Pension Plan and a total sum of N25,024,528.08.

Data from the National Pension Commission (PenCom), during the fourth quarter of 2020 revealed that 20 Pension Fund Administrators (PFAs) registered 3,663 contributors under the Micro Pension Plan and a total sum of N25,024,528.08 was remitted to the Retirement Saving Accounts (RSAs) of the contributor within the same period.

The Commission stated that in terms of withdrawals from the contingent portion of the contributions, six PFAs processed and approved requests amounting to N880,521.29 from 11 MPP participants during the review period.

The Director-General of PenCom, Mrs. Aisha Dahir-Umar, said the implementation of the Contributory Pension Scheme (CPS) has greatly impacted the economy.

Dahir-Umar stated that the major visible areas of this impact are the economic and social spheres and that the pension assets, is slowly but surely changing Nigeria’s financial landscape and by extension, the course and pace of our socio-economic development.

 

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