An analysis of the RSA Active and Retiree Funds under the Management of pension fund administrators (PFAs) shows that Stanbic IBTC Pension Managers managed N2 trillion or 37.21 percent of the total assets as at the reporting period, followed by ARM Pension Managers and Premium Pension limited to make up the top three ranked PFAs accounting for N497 billion (8.82 percent) and N444 billion (8.17 percent) respectively at the end of 2017, according to data released yesterday by the National Pension Commission (PenCom).
An analysis of membership by PFAs shows that Stanbic IBTC PFA has the highest proportion of RSA registrations with 20.83 percent of the total registration.
Trustfund Pensions Plc and ARM Pension Managers Limited followed with 8.88 and 8.78 percent respectively.
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The PFAs with the least number of RSA registrations were Radix and Investment One Pension Fund Managers Limited accounting for 0.11 and 0.86 percent of the RSA holders respectively.
The PFAs registered a total number of 7,823,773 RSA holders as at 31 December, 2017.
A further analysis of PFAs ranking indicates that the top 3 PFAs accounted for 38.49 percent of total RSA registrations.
The top 5 and top 10 PFAs accounted for 54.97 and 79.92 percent proportion of the total RSA registrations respectively, while the bottom 3 PFAs accounted for 1.87 percent of total RSA registration. The bottom 5 and 10 PFAs accounted for 4.79 and 16.80 percent respectively during the review period.
The Weighted Average Rate of Return (WARR) on the RSA ‘Active’ Fund (net of fees and taxes), was 16.42 percent in 2017.
The performance was significantly better than the WARR of 11.59 percent recorded in 2016. However, in view of the average inflation rate of 16.55 percent in 2017, the RSA Active Fund recorded a real return of -0.13 percent. However, this represented an improved real return when compared with -4.04 percent recorded in 2016.
Meanwhile, the total asset based fees, including value added tax, charged to the RSA “Active” Fund was N104.89 billion representing an increase of N19.55 billion (23 percent) over the total fees of N84.66 billion in 2016. The other allowable expense charged to the Fund was in respect of audit fees, which amounted to N357.88 million, according to PenCom.
During the year under review, approvals were granted for payment of N20.68 billion, to 57,416 RSA holders representing temporary access to RSAs for withdrawal of 25 percent of RSA balances made by persons (RSA holders) who were disengaged or retired before the age of 50 years and have stayed 4 months without securing employment.
A breakdown showed that Federal and States Governments accounted for 803 and 1,374 RSA holders respectively, while the Private Sector stood at 55,239.
These figures showed an increase in the turnover rate of staff in year 2017 compared to 2016. From inception to date, a total of 250,321 RSA holders in this category have collected a cumulative amount of N82.57 billion. This represent a growth of 30.00 percent in the cumulative number of disengaged employees over the figures of 2016.
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