Pension

RSA holders inject N1.25tn into pension funds in 11 months as assets soar over N9.99tn

Mrs. Aisha Dahir-Umar

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Chuks Udo Okonta

Retirement Savings Accounts (RSAs) holders contributed N1.25 trillion within January and November 2019, making the pension fund assets to hit N9.99 trillion.

According to the National Pension Commission (PenCom), pension fund assets as at January 2019 stood at N8.74 trillion and peaked at N9.99 trillion in November 2019.

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 N9tr 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 posited.

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