The ranking of Pension Fund Administrators (PFAs) by total registered contributors shows that the top three PFAs account for 41.97 per cent while the top five PFAs account for 59.60 per cent, the latest report by the National Pension Commission (PenCom) has indicated. A total of 20 PFAs are operating in the nation’s pension industry.
As at the end of the second quarter of 2012, the share of the top 10 PFAs was 84.06 per cent while the share of the bottom five PFAs was 1.15 per cent during the same period under review.
Similarly, the share of the bottom three PFAs was 0.29 per cent while the bottom 10 PFAs account for 6.44 per cent as at the end of second quarter of 2012.
In addition, the PenCom report shows that one PFA had over 1,000,000 out of 5.2 million contributors by the end of the second quarter of 2012; two PFAs had between 500,000 to 1,000,000; nine PFAs had contributors in the range of 100,000 and 499,999; and 12 PFAs had less than 100,000 registered contributors each.
PenCom added that the ranking of PFAs by total contributions shows that while the top five PFAs accounted for 71.04 per cent of total contributions during the quarter, the top 10 PFAs accounted for 91.26 per cent.
The commission further revealed that the bottom five PFAs and the bottom 10 PFAs accounted for 1.51 per cent and 6.02 per cent of the contributions respectively as at the end of the period under review.
The average monthly contributions received by the top five PFAs and the top 10 PFAs during the quarter were N28.71 billion and N36.88 billion respectively. Similarly, the average monthly contributions received by the bottom five PFAs and the bottom 10 PFAs amounted to N0.61 billion and N2.43 billion respectively.
“The size of the pension contributions of the PFAs established some relationships between the number of RSAs registered by PFAs and the size of pension contributions received during the quarter. Thus, the bottom five PFAs and the bottom 10 PFAs accounted for 1.51 and 6.02 per cent of pension contributions in the second quarter respectively. In all, the bottom five and the bottom 10 PFAs accounted for 7.53 percent share of total contributions received in the reviewed period,” PenCom further noted.
A review of PFAs’ ranking by size of RSA assets shows that the top three PFAs and the top five PFAs accounted for more than half of the RSA assets at 55.20 per cent and 70.11 per cent respectively at the end of the quarter under review.
The bottom three, five and 10 PFAs’ share of pension assets were 0.14 per cent, 0.66 per cent, and 3.44 per cent respectively in the second quarter of 2012, PenCom noted.
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