PenCom says pension assets rose by N184.68bn in Q3 of 2020

The National Pension Commission (PenCom) has disclosed that total assets under the Contributory Pension Scheme had risen by N184.68bn in the third quarter of 2020.

In its monthly report published on Saturday, January 9, PenCom said:

“The total pension contributions grew by N184.68bn within the third quarter of 2020. Out of this total, the public sector accounted for N117.7bn or 63.73 per cent while the private sector contributed N66.98bn or 36.27 per cent.

“The cumulative pension contributions received from both the public and private sectors from inception to the end of the third quarter of 2020, therefore, amounted to N6.37tn, up from the N6.19tn as at the end of the second quarter, 2020, representing a growth of 2.98 per.”

It added that the aggregate total pension contributions of the public sector increased by 3.76 per cent from N3.13tn as of the end of the second quarter of 2020, to N3.25tn as of the end of the reporting period.

On the other hand, the aggregate total pension contributions of the private sector increased by 2.19 per cent from N3.06tn as of the end of the second quarter of 2020, to N3.13tn as at the end of the reporting period.

The ranking of PFAs by total pension contributions received into the pension fund indicated that the top five ranked Pension Fund Administrators received 73.28 per cent of the total contributions as of the end of the third quarter of 2020.

Read also: PenCom moves to sanction PFAs denying retirees annuity

Similarly, the top 10 ranked PFAs accounted for 89.36 per cent of the total contributions while the bottom five and bottom 10 PFAs accounted for 1.83 per cent and 7.55 per cent of the total pension contributions respectively as of the end of the third quarter 2020.

The total value of pension fund assets was N11.56tn as at 30 September 2020, comprising of N8tn of the RSA ‘Active’ Funds, N934.19bn of the RSA Retiree Fund, N1.44tn of the CPFAs Fund, and N1.19tn for the Approved Existing Schemes Funds.

As of the third quarter of 2020, the RSA funds had the largest portfolio, accounting for N8.76tn or 76.87 per cent of the total assets under management.

The CPFAs and AESs assets stood at N1.44tn and N1.19tn, representing 12.65 per cent and 10.47 per cent respectively of the total assets under management.

According to the commission, the RSA Fund I constituted 0.26 per cent (N29.59bn) of the total AUM, RSA Fund II constituted 42.59 per cent (N5.02tn), Fund III 25.82 per cent (N2.94tn),

Fund IV accounted for 8.19 per cent (N934.19bn) while the RSA Fund V accounted for less than one per cent (N60m) of the total AuM.

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