Pension Funds Rise By N1.48 trillion In 12 Months-PenCom

The National Pension Commission (PenCom) has said Retirement Savings Accounts (RSAs) holders contributed N1.48 trillion within January and December 2019, pushing pension fund assets to  N10.22 trillion.

This is according to PenCom’s monthly Pension Fund summary published Friday on its website.

PenCom noted that pension fund assets as at January 2019 stood at N8.74 trillion and peaked at N10.22 trillion in December 2019.

A breakdown of the reports shows that N7.34 trillion, 71.87 % of the N10.22 trillion was invested in federal government securities which include FGN bonds; treasury bills; agency bond (NMRC & FMBN); Sukuk and green bonds.

The Acting Director-General, PenCom, Aisha Dahir-Umar, however, attributed the increase in the assets to the support of the Organised Private Sector (OPS) and Labour.

“The Contributory Pension Scheme (CPS) plan currently has over N10 trillion pension assets. This feat could not have been achieved without the support of the organised private sector.” She said.

Recall that in a bid to tackle the problem of multiple registrations the PenCom linked the National Identity Management Commission to its enhanced contribution registration system.

Accordingly, all employers were encouraged to present themselves to their respective pension administrators for recapturing.