Small and medium scale enterprises taking positions in the trenches of compliant firms that have embraced contributory pension scheme (CPS) has risen significantly.
National Pension Commission, in a recent report on the analysis of retirement savings account (RSA) showed that organisations with employees between 11 to 100 had the highest number of registration during the second quarter of 2020, while large organisations with more than 2000 had the lowest number of registrations.
The second quarter had a minimal tick in RSA sign ins, recording 0.45% that pooled 41,074, moving from 9.06million to 9.10million. PenCom statistics still showed that RSA growth for all contributing firms was 41,147, representing 0.46%. For the stable of closed pension fund administration (CPFA), membership declined by 73 to close at 17,125. However, the approved existing scheme (AES) members remained unchanged at 40,951.
PenCom attributed the increases to steady compliance by the private sector and, the marketing drive of the PFAs. The outcome of these the pension regulator stated, caused RSA registration to grow from 8,998,580 in the first quarter to 9,039,727 in the second quarter, an increase of 0.46%.