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Sunday, June 26, 2022

PenCom Issues Over 10,000 Pension Compliance Certificates To Organizations In Q1 2022

The pension industry regulator, National Pension Commission (PenCom) has stated that a total of 10,541 Pension Compliance Certificates, PCC, were granted to organizations in the first quarter of 2022.

According to its first-quarter report for the year, the Commission received 11,200 applications from private sector organizations for the issuance of PCCs. Out of this number, 659 applications were in the approval process as at 31 March 2022.

AIHS 2022

The records showed that the 10,541 organizations had remitted a total sum of N59 billion into the Retirement Savings Accounts (RSAs) of their employees, totalling 45,170.

The pension industry recorded a marginal growth of 0.96% (92,618) in Scheme memberships during the quarter under review, rising from 9.53 million members at the end of 2021 to 9.68 million as at the first quarter of 2022.

The growth in the industry membership was driven mainly by the RSA Scheme, which had an increase of 92,852 registered contributors.

Similar to this, membership of the Closed Pension Fund Administrator (CPFA) Schemes recorded a decrease of 1.44 (234), while Approved Existing Schemes (AES) remained unchanged as of the period.


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