Pension fund assets hit N5.39trn in March


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Chuks Udo Okonta

Total pension fund assets had grown to N5.39 trillion as at March, 2016, the Director-General National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, has said.
Anohu-Amazu, who was represented by PenCom’s Head, Research and Strategy Management, Dr. Farouk Umar, said this at a round table on retirement and pension to commemorate the workers day 2016, organised by Daily Trust Newspaper in Abuja.

She noted that initially licensed 26 PFAs, 7 CPFAs and 5 PFCs, have presently reduced to 21 PFAs, 7 CPFAs and 4 PFCs due to mergers and acquisitions, adding that the number of registered contributors was 7.01 million as at March, 2016

“This represents about 7.45 per cent of total labour force in Nigeria and 3.95 per cent of total population. 26 States of the Federation had adopted the scheme and are at different stages of implementation while the remaining 10 States are at bill stage.

“About 200,000 private sector employers of labour are implementing the CPS, over 162,343 had retired under the Scheme as at March 2016 and are currently receiving pensions as and when due. Total pension fund assets had grown to N5.39 trillion as at March, 2016
Average monthly contributions about N25 billion.

“The assets were equivalent to about 7.72 per cent of the Nigerian rebased GDP, about 60 per cent of the total pension fund assets belong to the private sector,” she said.

On micro pension, she said the plan was introduced to extend coverage to the persons working in the informal sector and the self-employed, stressing that the Micro Pension Department has been established to drive implementation of the Plan.

She said multi-channel platform will be used in providing customer services to those who will be covered under the plan and that discussions are ongoing with relevant service providers and regulators to provide the required technology.

She noted that sensitization is being undertaken through the print and the electronic media including the various social media platforms, adding that the commission has started discussions with the Central Bank of Nigeria and other relevant Government Agencies on extending coverage to the Small and Medium Scale Enterprises.

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