Assets Under Management in the Nigerian pension industry is controlled by three majors which have sealed 54.1% of the total Retirement Savings Accounts.
The three plum managers are, Stanbic IBTC Pension Managers Limited, ARM Pension Managers Limited and Premium Pension Limited; by extension, the top ten pension managers have 87.62% of the pension assets. On the reverse, the bottom ten PFAs settle for 9.34% of the RSA assets at the end of third quarter 2019.
Statistics from the National Pension Commission up until the third quarter 2019 showed that the top five pension managers controlled 66.16% of the total assets, a further stretch to top ten placed 88.09% of RSAs contribution under their management. However, the bottom five and ten PFAs received N109.68b and N535.92b respectively, representing 1.86% and 9.08%.
The figures showed slight difference in the data on the drive to register contributors. The bottom five and ten were eager to improve the number of their contributors and redistribute the market share across the various groups; consequently, the market shares of the bottom three, five and ten pension managers grew, those of the top three, five and ten slightly dipped.
The registration gain of the bottom five and ten caused marginal appreciation and this reflected in the increase from 3.88% and 14.98%, in the second quarter of 2019 to 3.90% and 14.99% respectively as at the end of the third quarter. However, the top five and ten control dropped from 53.41% and 78.59% in the previous quarter to 53.40% and 78.58% respectively as at the end of the quarter.
Still classifying registration, PenCom noted 14 PFAs accounting for 66.67% had each registered less than 500,000 RSAs while the remaining seven PFAs representing 33.33% had registered more than 500,000 RSAs each.
PenCom release showed that Stanbic IBTC Pension Managers Limited, has over one million RSA holders, six other pension managers have between 500,000 to one million ; eleven PFAs have one hundred thousand to four hundred and ninety nine thousand, nine hundred and ninety nine and four PFAs have less than one hundred thousand.