Chuks Udo
Okonta
Just five
Pension Fund Administrators (PFAs) are presently controlling the market share
of the Contributory Pension Scheme (CPS) as they account for 61.23 per cent of
the over 6.6 million Retirement Savings Account (RSA) holders.
Inspen
gathered that an investigation conducted by the National Pension Commission (PenCom)
into the ranks of PFAs by the market share of RSA registrations, revealed an
oligopolistic tendencies where five PFAs dominate the market.
It was
learnt that five of the PFAs have RSA holders between 500,000 to 1,000,000,
while eight PFAs have RSA holders in the range of 100,000 and 499,000 and seven
others had less than 100,000 RSA holders under their management.
Presently,
Stanbic IBTC Pension Managers Limited leads in terms of fund under management
with over N1.2 trillion.
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