In the fourth quarter of 2023 (Q4’23), the National Pension Commission (PenCom) disbursed a total of N117.89 billion as retirement benefits to retirees, marking a substantial 22.88% increase from the N95.94 billion recorded in the preceding quarter, Q3’23.
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The surge in disbursements, as revealed in PenCom’s quarterly report, is attributed to higher lump-sum and annuity premium payments made during the period under review.
During Q4’23, Pension Fund Administrators (PFAs) submitted 6,598 requests for retirees to access their pensions through the Programmed Withdrawal mode. Of these requests, PenCom approved 6,592, while six were rejected due to incorrect computations of lump sum or monthly pensions.
Out of the approved requests, 2,860 retirees were from the private sector, while 3,732 were from the public sector. The total lump sum approved for these retirees amounted to N34.38 billion, with a monthly pension of N488.19 million.
Additionally, RSA membership witnessed growth with 88,213 new RSAs registered and associated PINs issued to employees across various sectors.
A closer look at the data reveals that Stanbic IBTC Pension Managers maintained a dominant market share of 24%, registering 21,212 contributors. Access Pensions Limited followed closely with 19.9% market share and 17,573 new contributors. ARM Pension Managers Ltd, Leadway Pensure PFA Ltd, and Premium Pension Ltd also made notable contributions, collectively holding about 67.39% of new RSA registrations during Q4’23.
