Only 9 , 103 , 653 workers had Retirement Savings Accounts with Pension Fund Administrators as of the end of August .
The National Pension Commission disclosed this in its ‘ Total RSA registrations as at 31 August 2020 ’ latest report obtained from on Friday.
PenCom also said in its second quarter report, “ The RSA registrations grew to 9 , 039 , 727 as at second quarter 2020 , moving from 8 , 998 , 580 in the first quarter 2020 , representing a growth of 0 . 46 per cent .”
The growth was attributed to the increased level of compliance by the private sector as a result of the various steps taken by the commission as well as marketing strategies of the PFAs .
It said the pension industry recorded a 0 . 45 per cent growth (41 ,074 ) in the scheme membership during the second quarter of 2020 , moving from 9 . 06 million contributors at the end of the preceding quarter to 9 . 1 million .
The growth in the industry membership was driven by the RSA scheme, which had an increase of 41 , 147 contributors representing 0 . 46 per cent .
However , it added , membership of the Closed Pension Fund Administration scheme declined by 73 members to 17 , 125 while the Approved Existing Scheme membership remained unchanged at 40 , 951 as at the second quarter of 2020 .
During the quarter under review , the PFAs registered a total of 2 ,839 contributors under the Micro Pension Plan for whom a total of N7 . 4 m had been remitted to the RSAs as pension contributions .