PenCom registers 89,327 informal sector workers

• Published date: 01 February 2023
• Publication title: Nigeria - The Nation

The National Pension Commission (PenCom) has captured 89,327 workers in the informal sector through Micro Pension Plan (MPP) as at last December 31, according to the commission's Monthly Summary Report December 31, 2022 Ton Micro Pension Registration and Contribution obtained by The Nation.

The micro pension contributors grew from 84,612 in Quarter three, last year to 89,327 in Quarter four, growing by 4,715 in one quarter.

In the commission's Quarter three, 2022 report, it was stated that a total 4,193 Micro Pension Contributors (MPC) were registered during the period under review by 18 Pension Fund Administrators (PFAs), bringing the total number of registered participants to 84,612 as at last September.

Within the quarter, Stanbic IBTC Pension Managers Limited, Tangerine APT Pensions Limited and ARM Pensions Managers (PFA) Limited registered the largest number of MPCs with 1,137, 1,055 and 934.

Conversely, Crusader Sterling Pension Limited, Guaranty Trust Company and Radix Pension Managers Limited had the least RSA numbers with four, one and one.

The total pension contributions received from MPCs in Q3 2022 was N45.1 million, bringing the total Pension Contributions received to ?325.91 million from 9,000 MPCs by last September.

Further breakdown of the pension contributions in Q3 2022 showed that Stanbic IBTC Pension Managers Limited, ARM Pension Managers...