Pension Fund Assets Rise By N66bn To N11.09trn

Nigeria’s National Pension Commission has disclosed that the country’s total pension assets increased to N11.09tn as of June 2020.

The report, which was published on PenCom’s website, also showed that the assets gained N66bn from the January 2020, where it stood at N10.43trn.

The Pension regulator also disclosed that N7.46trn out of the total assets was invested in Federal Government securities, while local money market securities got 14.57 per cent translating to N1.62trn.

It added that N4.77trn of the assets was injected in Retirement Savings Accounts fund ll, while N32.32 million of micro pension contributions have so far been invested in RSA Fund v.

Meanwhile the PenCom has been working to ensure pensioners have an easy and smooth service.

Recently it initiated the process of reviewing the Pension Reform Act 2014, to address identified challenges.

The commission also begun it’s transfer window process after the initiative was halted due to the Coronavirus pandemic.