How PenCom Recorded N29bn Growth On Pension Assets In Q1 2019

Data obtained from the National Pension Commission (PenCom) shows that the major factor that led to a N29 billion increase in pension assets in Q1 2019 is the growth of Retirement Savings Accounts (RSAs) holders under the Contributory Pension Scheme.

 Recall that pension fund increased from N8.74 trillion as at the end of January 2019 to N9.03 trillion as at the end of March 2019.

According to documents on the commission’s website, the number of RSAs holders within the period under review grew to 11,000.

A breakdown of the figure as at January showed that RSAs holders from the public sector and private sector amounted to 8.46 million.

In March, the number of RSAs holders both in public sector and the private sector increased to 8.57 million.

Acting Director-General of Pencom, Mrs. Aisha Dahir-Umar, had attributed the accumulation successes achieved since the inception of implementation of the CPS to the commission’s esteemed contributors.

 “The achievements recorded by the Commission in the last fifteen years would not have been possible without the support and understanding of all stakeholders, especially you, our esteemed contributors who are about to retiree. 

“I, therefore, urge you to contribute positively towards the success of the Pension Reform Programme,” she said.