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PenCom Says Pension Funds Assets Increased by 470b in 7 Months

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Pension assets rise by 3.91% in 7 months - Ripples Nigeria

The national pension assets increased in seven months by N470 billion, as a result, the pension fund assets which stood at N12.31trillion as at December 31, 2020, jerked up to N12.78 trillion by July 31, 2021, showing an increase of N470 billion.

The National Pension Commission (PenCom) in it’s report stated that between January and July, 2021, Retirement Savings Account (RSA) holders contributions and returns on investments made by pension operators have increased pension fund assets by N470 billion.

The report also indicate that the pension fund assets which stood at N12.31 trillion as at December, 31, 2020, jumped up to N12.78 trillion by July, 2021, showing an increase of N470 billion.

It was also gathered that 19,000 retirement savings account holders joined the contributory pension scheme within the period under review.

On the investment side, N8.13 trillion was invested in federal government securities as at December 2020, while N8.20 trillion was invested by July 2021.

PenCom also noted that as of December 2020, N136.59 billion was invested in state government securities, N1.69 trillion in the local money market, while N89.68 billion was invested in state government securities in July 2021 and N2.11 trillion invested in the local money market.

On the progress made so far, Director-General (DG), National Pension Commission- PenCom, Mrs. Aisha Dahir-Umar, noted that it is pertinent to reassure stakeholders that the implementation of the CPS remains on course, adding that the number of registered contributors under the CPS has continued to grow while pension fund assets have accumulated to N12.78 trillion as at July 31 2021.

She submitted that the maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment philosophy of ensuring the safety of pension fund assets.

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