Pension

Pension operators net N83.94bn profit in 2019

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Chuks Udo Okonta

Pension Fund Administrators (PFAs) and their counterparts Pension Fund Custodians (PFCs) recorded a net profit of about N83.94 billion in 2019, Inspenonline can report.

Data obtained from the National Pension Commission (PenCom) which detailed the financial positions of the operators, showed that Stanbic IBTC Pension Managers Limited, recorded N49.42 billion and Zenith Pension Custodian Limited had N6.03 billion.

First Pension Custodian Limited recorded N4.31 billion; Leadway Pension Limited, attained N3.27 billion; ARM Pension Fund Managers Limited, N3.25 billion; UBA Pension Custodian, N3.26 billion; Premium Pension Limited, N2.25 billion.

FCMB Pension Limited, recorded N923.92 million; Access Pension Fund Custodian had N350.25 million; IEI Anchor Pensions Managers had N32.63 billion while Radix Pension Fund Managers Limited recorded a negative profit of -N329.35 million.

Giving more details on how the pension sector performed in 2019, PenCom noted that the total pension contributions remitted into the RSAs of employees in both the Public and Private sectors in 2019 amounted to N700.69 billion, stressing that this comprised of N331.56 billion or 47.32 per cent for the public sector and N369.13 billion or 52.68 per cent for the private sector.

“Consequently, the total pension contributions cumulatively grew to N5,795.65 billion as at 31 December 2019. This was made up of N2,895.97 billion contributions from the public sector, which represented 49.97 per cent of the total pension contributions and N2,899.68 billion from the private sector, which represented 50.03 per cent of the total,” PenCom added.

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