Uncredited RSA Contributions in Nigeria Hit N29.8 Billion

Uncredited contributions to Retirement Savings Accounts (RSA) in Nigeria have reached N29.8 billion, with major pension fund administrators holding substantial amounts. Stanbic IBTC accounts for nearly half of this total, with N14.6 billion uncredited, followed by Pal Pension (N2.76 billion), Trustfund Pension (N2.09 billion), Premium Pension (N1.72 billion), and Access ARM Pension (N1.67 billion).

The National Pension Commission (PenCom) has highlighted the structural challenges causing these uncredited funds, including employer remittance failures and data inconsistencies. Many employers fail to provide complete schedules or timely remittances, while legacy accounts suffer from outdated employee details.

To address these issues, PenCom, in collaboration with the Pension Fund Operators Association of Nigeria (PenOp), plans to introduce a Pension Contribution Remittance System (PCR) by June 2025. This online system aims to automate the verification of remittance data against PenCom's central database, preventing further backlog and ensuring timely crediting of contributions.