Pension Funds: PFAs Reduce Banks Investment to N1.6tn The Pension Funds Administrators reduced the funds under the Contributory Pension Scheme that were invested in fixed deposits and bank acceptance to N1.6tn in February. According to the National Pension Commission, this was as the total funds under...

PFAs Generate N266bn From Fixed Income Securities   The Pension Fund Administrators (PFAs) recorded N266.13bn gain from investment of pension funds in fixed-income securities in the third quarter of 2022. The commission revealed this in its 2022 third-quarter report on ‘Interest/coupons and dividends’. It stated, “The interest/coupons received...

Lagos Govt Okays N707m Pension Bailout For Parastatals   The Commissioner for Establishments, Training And Pensions, Mrs Ajibola Ponnle, has said Lagos State government approved a bailout of N707.62m for some parastatals to pay the pensions of their retirees. She disclosed the bailout of the parastatals that...

Fed Govt Plans N854.8bn For Pensions, Gratuities In 2023   The Federal Government plans to spend N854.8bn on pensions, gratuities and retirees’ benefits in the 2023 budget. President Muhammadu Buhari disclosed this while presenting the 2023 appropriation bill to a joint session of the National Assembly in...

N93bn Pensions Unpaid Into Workers’ Accounts - PenCom A total of N93.49bn worth of pensions was paid by employers but was not credited into workers’ Retirement Savings Accounts in 2021, according to findings from the National Pension Commission (PenCom). This comprised N73.97bn contributions remitted by employers...

Pension Fund Assets Gain N388.98bn In Q2, 2022   Pension fund assets have risen by N388.98 billion, according to the second quarter (Q2) 2022 report released yesterday by the National Pension Commission (PenCom). The pension assets rose quarterly by N388.98 billion from the N13.88 trillion recorded at...