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Chuks Udo Okonta
Nineteen Pension Fund Administrators (PFAs) registered 3,555 contributors under the Micro Pension Plan (MPP) during the second quarter of 2021, the National Pension Commission (PenCom) has said.
The pension industry regulator stated this in its second quarter 2021 reports, adding that six PFAs processed and approved requests for contingent withdrawals amounting to N1,992,674.30 from nine MPP contributors during the quarter.
According PenCom, during the quarter, 27 micro pension participants converted to the mandatory CPS and the sum of N834,172.19 was transferred to their respective RSAs, adding that in addition, 17 micro pension contributors converted the contingent portions of their RSAs amounting to N703,922.90 to retirement benefits.
PenCom said the total value of Pension Fund assets as at 30 June 2021 was N12.66 trillion, noting that the amount comprised N8.92 trillion in RSA’ Active’ Funds (i.e., RSA Funds I, II III and V); N990.51 billion in RSA Retiree Fund; N1.46 trillion in CPFAs; and N1.29 trillion in Approved Existing Schemes (AES) Funds.
Pension Fund Assets, it said were mainly invested in Federal Government Securities (FGN), accounting for 66.96 per cent of total assets, adding that the composition of investments in FGN Securities were as follows: FGN Bonds: 92.20 per cent; Treasury Bills: 6.47 per cent; and Agency Bonds, Sukuk and Green Bonds accounting for 1.33 per cent.
