Pension Fund Assets Hits N9.58 Trillion

The National Pension Commission (PenCom) has said its assets in the contributory pension scheme (CPS) have grown to N9.58 trillion as at September 2019.

This was disclosed by the Acting Director General of PenCom Aisha Dahir-Umar, at the 2019 Journalists Workshop, with the theme, “Expanding Coverage of the Pension Industry”, organised by the commission in Benin, Edo State.

Dahir-Umar, who was represented by the head, micro-pension department, Kunle Odebiyi, also noted that the registered contributors under the CPS within the period under review grew to 8.85 million.

 “This growth indeed justifies our emphasis on the safety of pension funds as the bedrock of sustaining the CPS and assure all stakeholders that the pension reform remains steadily on course. 

“These modest milestones notwithstanding, the Commission and Pension Operators are committed to actualising the growth potentials of the pension industry.”

She added that the theme of the workshop, echoes the commission’s focus to expand access to pension in order to reduce old age poverty, improve the welfare and general standard of living as well as boost economic development.

“The quest to expand coverage of pension is being pursued through some transformational initiatives especially the Micro Pension Plan.”

Aisha Dahir-Umar, had previously attributed the accumulation successes achieved from the pension assets since the inception of implementation of the CPS to the commission’s esteemed contributors.