Retirees get N2.72tn benefits, as pension fund assets soar to N17.66tn

Head of Surveillance Department PenCom, Ehimeme Ohioma at the event.

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Chuks Udo Okonta

Retirees numbering N1.27 million have received N2.72 trillion pension benefits since inception of the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) has said.

Head of Surveillance Department PenCom, Ehimeme Ohioma, said this today at the 2023 Pension Fund Operators Association of Nigeria (PenOp) media parley in Lagos, adding that the pension fund assets was N17.66 trillion as at October 2023.

From left: Chief Executive of Stanbic IBTC Pension Managers Limited Olumide Oyetan and Head of Research and Investment Lead, PenOp, Akinbola Akintola at the event.

He noted that 1,183 Retirement Savings Account (RSA) holders have so far accessed N13 billion as pension mortgage finance and that 17,376 retirement savings account holders have transferred N356 billion from one Pension Fund Administrator to another under the RSA transfer system.

He also submitted that about N12 billion contributions from employees of defunct organisation, especially banks are unremitted to their owners who are unknown to PenCom and PFAs, stressing that PenCom had advertised for workers in such defunct organisation to come forward with evidence to enable the PFAs transfer the funds to their RSAs.

From left: Managing Director and Chief Executive Officer of First Pension Custodian Nigeria Limited and Chief Executive Officer Pension Fund Operators Association of Nigeria, Oguche Agudah at the event.

According to him only N58 million of the fund has been accessed, even as he called on those concerned to check for their names on the list published on PenCom’s website.

Ehimeme maintained that PenCom is currently putting finishing touches on foreign currency denominated investments guidelines that would enable PFAs earn real return on investment.

President of PenOp and Chief Executive of Stanbic IBTC Pension Managers Limited Olumide Oyetan, said the CPS remains one of the greatest national policy from democracy, stating that before commencement of the CPS, retirees were subjected to old age poverty as they were unable to get their pension at retirement.

From left: Head, South-West Zonal Office, National Pension Commission, Sola Adeseun and Managing Director Leadway Pensure Pension Fund Administrator Lanre Idris at the event.

He posited that the CPS is unique due to the safe valves, checks and balances ensured by the tripod structure which are the regulator, PFAs and Pension Fund Custodians (PFCs).

He called on the government and public to sustain their faith on the CPS which for the past 19 years has continued to thrive without any incident of fraud.

He said pension operators would continue to innovated and comply with stipulated rules in offering quality services to contributors and retirees.

Chief Executive Officer Pension Fund Operators Association of Nigeria, Oguche Agudah, said the event was organised to keep journalist abreast of strides recorded so far in the pension industry and to also interact with them on how to improve service delivery in the sector.

He noted that the industry in year 2024 would experience great transformations going by innovations being worked on by PenCom and operators.