Contributory Pension Gains N640bn In Four Months, Now N14trn
Total assets under the Contributory Pension Scheme rose by N640bn in four months to N14.06tn in April, according to figures from the National Pension Commission (PenCom) released on Friday.
This was contained in the National Pension Commission (PenCom) ’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 April 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds).’
The funds, which ended December 31, 2021, at N13.42tn, rose to N13.61tn and N13.76tn as of the end of January and February 2022 respectively.
It rose to N13.88tn by the end of March, according to the data.
The data showed that N8.56tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills.
Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds; corporate infrastructure bonds; corporate green bonds, and supranational bonds.
PenCom also disclosed that the total number of workers with Retirement Savings Accounts rose slightly to 9.648 million by the end of April, from 9.529 million at the end of December 2021.
The Chief Executive Officer, Pension Fund Operators Association of Nigeria, Mr Oguche Agudah, said, “It is pertinent to note that the Contributory Pension Scheme in its current state has in no small way fostered a savings culture in Nigeria. Prior to the enactment of the Act, Nigeria did not have large pools of domestic savings.
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“Many Nigerians do not have any other form of savings, except through this contributory pension scheme. What we should be doing as a nation is to encourage more of these savings rather than looking to dismantle the system.
“This is probably the only form of savings most Nigerian workers are able to put aside for their retirement years.”
The Director, Centre for Pension Rights Advocacy, Ivor Takor, said the scheme was fully funded through monthly contributions, which were put into Retirement Savings Accounts owned by employees.
I like all your coment
Nigeria workers maybe entering one chance with PENCOM refusing to pay 751% upon retirement
There was a policy initiated since 2018 for workers or contributors to be able to use certain % of their contributed pension for mortgage which is yet to see the light of the day. I call
upon the Management to make this possible in order to alleviate the the suffering of homeless pensioner. It is not good enough to be showing huge saves while contributors are suffering. Meanwhile, government or politicians should desist from eyeing the fund it will only lead to total collapse of PENCON. Thanks
Savings for the benefit of owners of pension fund companies who feast on pension funds, while owners of the funds (workers) are impoverished.
Public contributory retirees receiving their lump sum and first monthly pension payment fifteen months after retirement and denied their constitutional rights under section 173(3) of the constitution of federal republic of Nigeria,why would contributory public retirees and public workers not demand for the dismantling of the CPS managed by private pension managers
The federal government should remove pension funds from private pension managers who trade with pension funds for their private gains.