PenCom Disburses N10.2bn To 142,486 NSITF Scheme Contributors

The National Pension Commission (PenCom) has transferred a total of N10.2 billion to 142,486 Retirement Savings Accounts (RSA) owners of the Organized Private Sector (OPS) under the Nigerian Social Insurance Trust Fund (NSITF) scheme to date.

This was made public by the director general of PenCom Aisha Dahiru Umar at a one-day interactive session with the Organised Private Sector on the current developments and challenges in the implementation of the Pension Reform Act (PRA) 2014, which took place in Kano on Tuesday.

“To date, contributions worth N10.2 billion have been transferred to the RSAs of 142,486 NSITF Scheme contributors.

“Thus in order to ensure that all contributors under the NSITF Scheme have their contributions transferred to their RSAs, the commission had severally featured advertorials in National Dailies requesting NSTIF contributors to apply for the transfer of their contributions.

“The Commission wishes to implore all employers to encourage their employees who have contributed to the NSITF Scheme to liaise with the PFAs (Pensions Funds Administrators), and in particular Trust funds Pensions for guidance on how to have their contributions transferred to their RSAs” she stated.

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The director general, who was represented by the commissioner, Administration PenCom, Dr Umar Farouk Aminu, said that the objective of the interactive session include enlightening the Organiser Private Sector (OPS) on the working of the Contributory Pension Scheme (CPS), sharing thoughts on emerging developments in the Nigerian pension space and also providing an opportunity for pension operators to interact with  members of the OPS.

The DG also said that the  pension industry is one of the fastest growing financial sectors in Nigeria saying, as at the end of the third quarter of 2023, the number of accounts under the Contributory Pension Scheme is 10 million with pension assets under management worth N16.76 trillion.

“As you are aware, the pension industry is one of the fastest growing financial sectors in Nigeria.

“For instance, at the end of the third quarter of 2023, the number of RSAs under the CPS stood at 10 million and the size of pension Asset Under Management amounted to N16.76 trillion. Accordingly, the contributions of the OPS in this regard cannot be overemphasised” she said.

The DG concluded by assuring the OPS that the Commission will continue to ensure robust social dialogue with Nigeria Employers Consultative Association (NECA) in the interest of all stakeholders under the Contributory Pension Scheme while promising to always support NECA to champion programs that will ensure the successful implementation of the CPS in Nigeria.