Pension Fund Now N11.09trn

Pension Fund Administrators (PFAs) have recorded N666 billion increase on pension fund assets in six months.

The total pension fund hits a record high of N11.09 trillion as at June 2020 from N10.8 trillion recorded in May.

Besides, the number of Retirement Savings Account (RSAs) holders’ registrations grew by 23,424 contributors as at June, from 9,016,324 in May to 9,039,748 in June 2020.

This was shown in a report by the National Pension Commission (PenCom) entitled: “Summary of Pension Fund Assets as at 30 June, 2020”

The report revealed that the assets gained N666 billion from January to June, standing at N10.43 trillion in January and N11.09 trillion in June.

The pension regulator noted that N7.46 trillion of the assets, which is 67.25 per cent, was invested in Federal Government securities, while local money market securities got N1.62 trillion, amounting to 14.57 per cent.

The Commission further revealed that N4.77 trillion of the assets was invested in RSA fund ll, while N32.32 million of micro pension contributions have been invested.

PenCom had said contributors under the Scheme would be able to move their pension account from their PFAs to another by the end of this year.

PenCom’s Acting Director-General, Hajia Aisha Dahir-Umar, said the transfer window that would enable movement of account, the RSA Transfer System (RTS) had been developed.

She stated that pension operators have been directed to participate in an industry simulation of transfer processes and simulations in September 2020.

She also said the Commission has initiated the process of reviewing the Pension Reform Act (PRA) 2014, which it said the initiative was to address identified challenges and public clamour.

She added that the review is with a view to reposition the Contributory Pension Scheme (CPS) and consolidate the gains of the pension reform for the benefit of Nigerians.