PENSION ASSETS SOAR BY N47BN IN SEVEN MONTHS
By Ngozi Onyeakusi— National Pension Commission (PenCom) has disclosed that between January and July 2021, Retirement Savings Account (RSA) holders contributions and returns on investment made by pension operators have grown the pension fund assets by N47 billion.
According to the commission pension fund asset stood at N12.31 trillion as of December 31, 2020, and soared to N12.78 trillion by July 31, 2021, revealing a difference of N47 billion.
It was also gathered that 19,000 retirement savings account holders joined the contributory pension scheme within the period under review.
On the investment side, N8.13 trillion was invested in federal government securities as at December 2020, while N8.20 trillion was invested by July 2021.
PenCom also noted that as of December 2020, N136.59 billion was invested in state government securities, N1.69 trillion in the local money market, while N89.68 billion was invested in state government securities in July 2021 and N2.11 trillion invested in the local money market.
On the progress made so far, Director-General (DG), National Pension Commission- PenCom, Mrs. Aisha Dahir-Umar, noted that it is pertinent to reassure stakeholders that the implementation of the CPS remains on course, adding that the number of registered contributors under the CPS has continued to grow while pension fund assets have accumulated to N12.78 trillion as at July 31 2021.
She submitted that the maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment philosophy of ensuring the safety of pension fund assets.