Contributory pension assets rise to N12.9trn - PenCom

image

BY AGENCY REPORT, NOVEMBER 1, 2021 | 01:13 PM


Assets under the Contributory Pension Scheme rose by N120bn in August, data obtained from the National Pension Commission have shown.

PenCom disclosed this in its latest unaudited report on pension funds industry portfolio.

According to the report, the assets rose from N12.78tn at the end of July to N12.9tn in Aug ust.

PenCom also revealed that the total Retirement Savings Accounts rose slightly from 9,405,553 in July to 9,427,003 at the end of August.

The operators invested N8.29tn of the funds in Federal Government’s securities, while the rest was invested in other portfolios such as domestic and foreign ordinary shares, corporate debt securities, local money market and mutual funds.

A former Director-General, Lagos State Pension Commission, Mrs Folashade Onanuga, said the pension scheme was designed to address the problem of inadequate or no preparation for retirement.

She said, “However, the scheme has done much more – it has allowed incredible mobility for employees in the for retirement.

“It has simplified the administrative processes, reduced drastically the fraudulent practices in pension scheme administration but is yet to fully address the issue of ensuring that retirement benefits are paid as and when due, most especially where benefits accrue to workers under the defined benefit plan.”

She said pension benefits received by many in the CPS dispensation had been considered very inadequate to give comfort in old age.

“While we would like greater participation from state governments and small, medium-sized corporates, that is not something we can boast of today,” Onanuga added.


Appeal for support


Conflict Reporting is dangerous and risky. Our reporters constantly face life-threatening challenges, sometimes surviving ambushes, kidnap attempts and attacks by the whiskers as they travel and go into communities to get authentic and firsthand information. But we dare it every day, nonetheless, in order to keep you informed of the true situation of the victims, the trends in the conflicts and ultimately help in peace building processes. But these come at huge cost to us. We are therefore appealing to you to help our cause by donating to us through any of the following means. You can also donate working tools, which are even more primary to our work. We thank you sincerely as you help our cause.

Alternatively, you can also email us on info@yen.ng or message us
via +234 803 931 7767