PenCom: Investments, Contributions Add N228 Billion To Pension Assets In One Month

Nigeria’s total pension assets increased from N9.583 trillion to N9.811 trillion as at October 31, 2019, an in increase of N228 billion.

The asset increase was contained in the National Pension Commissions (PenCom) monthly report for October, and is 2.4 % higher when compared to N9.583 trillion recorded in the previous month.

The pension regulators, however, attributed the growth in pension to the positive returns on the classes of investments the funds were invested in as well as an increase in enrolment into the contributory pension scheme.

According to the report the federal government-issued securities, comprising FGN Bonds and Treasury Bills, are still the greatest beneficiaries of the growth in pension fund assets.

Out of the N9.81 trillion recorded in the month under review, a total of N6.8 trillion is invested in the federal government  with bonds,  Treasury Bills and banks having a share investment  of  N4.58 trillion, N2.24 trillion and  N1.05 trillion respectively.

Pension fund asset growth has been rising since the Pension Fund Reform Act was enacted in 2014 and following increasing financial education by the stakeholders.

This has resulted to many Nigerians making retirement savings a priority and seeking coverage through pension plans, which in turn has resulted in increased contributions.