PenCom Records 143,248 New Pension Accounts in Q1 2026

The National Pension Commission (PenCom) has reported the registration of 143,248 new Retirement Savings Accounts (RSAs) under Nigeria’s Contributory Pension Scheme (CPS) in the first quarter of 2026.

According to PenCom’s Q1 2026 report, total RSA registrations increased from 11,040,227 at the end of December 2025 to 11,183,475 by March 2026.

The latest figure represents an improvement from the 114,864 new registrations recorded in the fourth quarter of 2025. PenCom attributed the growth to improved digital onboarding processes and continued public awareness campaigns.

Despite the increase, the commission said active pension membership currently represents only about 12.1 per cent of Nigeria’s estimated 92 million labour force, indicating significant room for expansion, particularly among workers in the informal sector.

The five leading Pension Fund Administrators (PFAs) accounted for 54.41 per cent of new RSA registrations during the quarter, down from 62.11 per cent in Q4 2025. PenCom said the decline reflected increased competition from other operators.

Stanbic IBTC Pension Managers led the market with 25,024 new registrations, representing 17.47 per cent of the total. It was followed by AccessARM with 10.63 per cent, FCMB Pensions with 10.15 per cent, TangerineAPT with 9.65 per cent and Trustfund with 6.73 per cent.

PenCom noted that TangerineAPT’s emergence among the top five PFAs highlighted the increasingly competitive nature of Nigeria’s pension market.

Women accounted for 44.08 per cent of new RSA registrations, while men represented 55.92 per cent. The commission said the figures suggested a gradual reduction in the gender gap in pension participation, supported by increased female workforce participation and continued awareness efforts.

The report further showed that Nigerians below the age of 40 accounted for 75.31 per cent of new RSA registrations in Q1 2026.

PenCom described the youthful contributor base as a major long-term advantage for the pension industry, noting that many of the new contributors have retirement horizons extending beyond 2055.

The commission said the trend could allow pension fund managers to develop investment strategies suited to contributors with longer investment horizons and greater capacity to absorb investment risks.

PenCom, however, stressed that the long-term success of pension reform would depend largely on expanding coverage beyond the formal sector and bringing more workers, especially those in the informal economy, into the pension system.