Over 91% of personal pension accounts unfunded in Q1 2026–PenCom
From Adanna Nnamani, Abuja
Data from the National Pension Commission (PenCom) revealed that 91.4 per cent of Retirement Savings Accounts (RSAs) under Nigeria’s Personal Pension Plan (PPP) remained unfunded at the end of the first quarter of 2026.
Out of 219,316 registered PPP accounts, only 18,811 (8.58 per cent) received contributions, leaving 200,505 unfunded.
The total PPP contributions for the quarter stood at N147.16million, bringing cumulative contributions since inception to N1.66 billion.
Furthermore, 15 voluntary contributors made contingent withdrawals totaling N11.12 million during the period. AccessARM led new PPP registrations with a 33.64 per cent market share, bringing its cumulative market share to 52.4 per cent.
The broader Contributory Pension Scheme (CPS) saw steady growth, with new RSA registrations rising from 24.7 per cent quarter-on-quarter to 143,248. Total pension industry assets expanded by 1.23 per cent in May 2026 to N31.32 trillion, marking a 29.5 per cent year-on-year growth from May 2025. PenCom is currently reviewing the Pension Reform Act 2014, with plans to increase mandatory statutory contribution rates above the current 18% (10 per cent employer, 8 per cent employee).
The regulator is also designing new investment vehicles to channel pension funds into national critical infrastructure projects.
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