Report Revealed Contributory Pensions Gained N590bn In Q1, 2023

The assets under the Contributory Pension Scheme rose by N590bn in the first quarter of 2023, figures from the National Pension Commission (PenCom) have revealed.

The figures disclosed that the assets rose from N14.99tn as of the end of December 2022 to N15.58tn as of the end of March 2023.

This was according to the unaudited report on pension funds industry portfolio for the period ended 31 March 2023, comprising of the Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds).

According to PenCom, 65.44 per cent of the funds, totalling N10.19tn was invested in FGN securities.

The rest of the assets were invested in corporate debt securities, money market instruments and mutual funds.

PenCom also disclosed that the Retirement Savings Accounts membership stood at 9,945,537 in the period under review.