Pension

Pension fund assets soar to N10.22tn

*RSA holders contributed N1.48tn in 2019

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Chuks Udo Okonta

The pension Fund assets soared to N10.22 trillion, as at December 31, 2019, the National Pension Commission (PenCom) has said.

PenCom disclosed this in its Summary of Pension Fund Assets as at December, 31, 2019, published today on its website.

According to the pension industry regulator, Retirement Savings Accounts (RSAs) holders contributed N1.48 trillion within January and December 2019, making the pension fund assets to hit N10.22 trillion.

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

It said N7.34 trillion, 71.87 per cent of the N10.22 trillion was invested in Federal Government of Nigeria (FGN) securities which include, FGN bonds; treasury bills; agency bond (NMRC & FMBN); Sukuk and green bonds.

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

“The pension industry is one of the fastest growing industries in the country with the support of the organised private sector and labour.

“The Contributory PensionScheme (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.

She explained that the commission had developed a software application that tackled the problem of multiple registrations and urged employers to encourage their employees to avail themselves to their respective pension administrators for data recapture and regularisation.

“The commission recently developed a robust application to enhance contribution registration system for the pension industry. The application has been deployed and pension practitioners are currently using it for new registration and recapture of data for contributors who previously had retirement savings accounts.

“The application is linked to the National Identity Management Commission and will assist in addressing issues of multiple registrations in the database of pension funds administrators.

“Accordingly, all employers are asked to encourage their employees to present themselves to their respective pension administrators for recapture.” She said.

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