CPS records marginal growth of 0.89% in Q2 2021

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By Favour Nnabugwu



National Pension Commission (PenCom) said that the pension industry recorded a marginal growth of 0.89 per cent (83,146) in Contributive Pension Schemes membership in the Q2 2021, rises to 9.44 million in Q2: 2021 from 9.36 million members at the end of Q1: 2021

The regulator disclosed this in second quarter 2021 reports adds that the growth in the industry membership was driven solely by the RSA Scheme, with an increase of 83,146 registered contributors, while noting that Membership of the Closed Pension Fund Administrator (CPFA) Schemes and Approved Existing Schemes (AES) remained unchanged as at Q2: 2021.

It submitted that the total pension contributions remitted to individual RSAs in Q2: 2021 stood at N195.08 billion, of the total, the public sector accounted for N97.17 billion or 49.81 per cent, while the private sector contributed N97.91 billion or 50.19 per cent.

The cumulative pension contributions from inception to the end of the second quarter of 2021 amounted to N7.10 trillion, which is an increase from N6.70 trillion as at the end of Q1: 2021.

PenCom revealed that 19 defaulting employers have been recommended for appropriate legal action over their failure to contribute and remit pension funds for their workers.

It explained that following the issuance of demand notices to defaulting employers whose pension liabilities were established by the Recovery Agents (RAs), the sum of N398,006,984.46 representing principal contribution (N243,396,311.27) and penalty (N154,610,673.19) were recovered from 31 defaulting employers during the quarter under review.

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