About 91.4% of Retirement Savings Accounts (RSAs) registered under Nigeria’s Personal Pension Plan (PPP) had no contributions at the end of the first quarter of 2026.
Data from the National Pension Commission (PenCom) showed that 219,316 PPP RSAs had been registered by the end of March. Only 18,811 accounts, or 8.58%, had received contributions.
This left 200,505 registered accounts without funding.
PPP Contributions Reach N147.16 Million
Despite the large number of unfunded accounts, contributions under the scheme continued during the quarter.
PPP contributors paid N147.16 million into their accounts between January and March 2026. This brought total contributions since the scheme began to N1.66 billion.
The figures point to a wide gap between registration and actual participation. Many Nigerians have opened personal pension accounts but have yet to make contributions.
The data came from PenCom’s first-quarter 2026 pension industry report.
Personal Pension Withdrawals
The report also recorded withdrawals from personal pension accounts during the quarter.
Fifteen Personal Pension Contributors (PPCs) withdrew a combined N11.12 million on a contingent basis. Four Pension Fund Administrators (PFAs) processed the withdrawals.
Since the scheme began, 346 PPCs have made contingent withdrawals. Their total withdrawals stood at N124.30 million.
The report also showed differences in market share among PFAs. AccessARM accounted for 33.64% of new PPP RSA registrations during the first quarter.
Its cumulative share stood at 52.4% of all PPP RSAs.
PenCom Reviews Pension Contribution Rates
The PPP figures come as PenCom continues work on reforms to Nigeria’s pension system.
In July, the commission disclosed plans to review statutory pension contribution rates as part of its review of the Pension Reform Act (PRA) 2014.
Under the existing framework, employers contribute at least 10% of an employee’s monthly emoluments. Employees contribute 8%.
Together, the mandatory contributions amount to 18%.
PenCom has indicated that the rate could increase under the proposed reforms. The commission is also working on a new investment vehicle that could direct some pension assets into critical infrastructure projects.
Pension Assets Continue to Grow
The low funding rate among PPP accounts contrasts with the continued growth of Nigeria’s wider pension industry.
PenCom’s unaudited industry report showed that total pension assets reached N31.32 trillion in May 2026.
That figure represented a 1.23% increase from N30.94 trillion in April. Pension assets rose by about N384.98 billion during the month.
The industry also recorded strong annual growth. Total pension assets increased by 29.5% from N24.18 trillion in May 2025.
The growth has increased the importance of pension savings within Nigeria’s financial system. It also gives pension fund managers a larger pool of capital to invest in approved assets.
Personal Pension Coverage Remains a Challenge
The latest PPP figures show that account registration alone does not guarantee retirement savings.
While more Nigerians continue to register pension accounts, the number of accounts receiving contributions remains relatively small. This creates a challenge for efforts to expand retirement protection among people outside the formal employment system.
The issue also matters for Nigeria’s long-term financial security. Regular pension contributions can help individuals build retirement savings while increasing the pool of domestic capital available for investment.
PenCom’s ongoing reforms will therefore face the dual challenge of increasing participation and ensuring that registered accounts become active savings vehicles.
The first-quarter data shows that Nigeria’s pension industry is growing in size, but the large number of unfunded personal pension accounts highlights the need to turn registration into consistent contributions. Closing that gap will be important for expanding retirement coverage and strengthening long-term savings in the country.
