Pension assets rise by 3.91% in 7 months

The National Pension Commission has disclosed that the pension fund assets of the Contributory Pension Scheme (CPS) grew by 3.91 percent in the first seven months of 2021.

PenCom disclosed this in its July 2021 monthly report obtained from its website on Friday.

According to the report, pension assets increased from N12.29 trillion to N12.78 trillion between January and July. This equates to an extra N481.4 million.

Also, the report shows the number of Retirement Savings Account (RSA) holders rose by 17.5 percent to 9.40 million in July from 9.23million in January

The report also revealed the investment interest for Pension Fund Administrators (PFA).

PFAs invested N8.20 trillion of the funds in federal government securities in July, up 1.16 percent from N8.10 trillion in January.

While N2.10 trillion was pumped into local money market assets, a 27.9 percent increase from N1.64 trillion in January.

Other PFA investments include corporate debt instruments, which received N957.7 billion, a 14.5 percent, increase from N835.7 billion in January.

Read also: Nigeria’s pension fund hits N12.4tr – PenCom

While PFA’s mutual fund investment decreased 28.2 percent from N162.02 billion in January to N116.25 billion in July.

Meanwhile, the National Pension Commission (PenCom) has commenced online verification and enrollment for its 2021 retirees and prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs).

In a statement issued by the Head, Corporate Communications of PenCom, Mr. Peter Aghahowa, the application which started on September 1, 2021, will verify employees of federal government treasury-funded MDAs who retired between January and August.

He however, noted that employees of the federal government treasury-funded MDAs who were due to retire from September and those who missed the enrolment exercise in previous years would also be included.

Aghahowa listed the two options for the enrollment exercise to include: self-assisted through pension desk officers or Pension Fund Administrators (PFAs)-assisted.

He also said that the affected retirees must complete their verification and enrollment with their respective PFAs on or before Oct. 29.

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