Pension assets Rise to N12.3tn in 2020
Latest statistics from the National Pension Commission (PenCom) has shown that total pension assets under the Contributory Pension Scheme rose by N2.1tn to N12.3tn as at 2020 from N10.2tn as of the end 2019.
Of this amount, the commission said about N8.13tn of the funds was invested in Federal Government of Nigeria Bonds.
According to the statistics, N858.46bn and N92.91bn were invested in domestic and foreign ordinary shares respectively.
The report added that N1.68tn and N161.39bn were also invested in local money market securities and mutual funds respectively.
As part of efforts to boost services in the industry, PenCom opened the transfer window to enable workers in the Contributory Pension Scheme to change their pension companies.
PenCom said RSA holders may transfer their accounts from one Pension Fund Administrator to another once in a year, in line with Section 13 of the Pension Reform Act 2014.
Prior to this launch, the commission said it had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.
Apart from the above, the commission had conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the event.