Pension Fund Assets Hit N17.2trn in August

The nation’s pension assets rose significantly to N17.292trillion as at the end of August 2023, soaring from N17.07trillion in July 2023.

This Net Asset Value (NAV) represented a growth of 15.34 per cent in the first 8 months of this year, when compared to the NAV of N14.99 trillion as at December 31, 2022.

While 66.31 per cent of the pension funds were invested in Federal Government of Nigeria (FGN) securities, Corporate Debt Securities gulped 10.74 per cent and Money Market Instruments had 7.51 per cent.

The fund had earlier climbed by N307.12billion to N17.07trillion in July when compared to  N16.76 trillion in June, 2023.

Investment income, according to LEADERSHIP investigation, was instrumental to the continuous growth in pension fund, despite the fact that some governments at majorly, State level are not paying the monthly pension contributions of their workers as and when due.

Similarly, the huge increase, according to findings, was attributed to new pension contributions received, interest from fixed income securities and net realised on equities and mutual fund investments.

Speaking at the National Pension Commission(PenCom)/Nigeria Employers Consultative Association (NECA) Interactive Session on the Contributory Pension Scheme(CPS) for the Organised Private Sector(OPS) in Ikeja, Lagos yesterday, the director general, National Pension Commission(PenCom), Mrs Aisha Dahir-Umar, applauded  Nigeria Employers’ Consultative Association(NECA) for offering its platform for continuous social dialogue with the members of the Organised Private Sector (OPS) on the implementation of CPS in Nigeria, saying,  the social dialogues have generated an invaluable impact on the implementation of the CPS over the years.

The commission, she stated,  has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones, adding that, specifically, the PenCom deployed the Enhanced Contributors Registration System (ECRS) for the pension industry.

Following, the deployment of the ECRS, the commission also introduced the Data Recapture Exercise (DRE), which mandatorily requires all RSA holders who joined the CPS prior to the 1st of July 2019 to update their information with their respective Pension Fund Administrators(PFAs), she stressed.

While the commission has consistently urged RSA holders to approach their PFAs for Data Recapture, he said, in order to facilitate the implementation of Section 13 of the PRA 2014 which allows an RSA holder to transfer his/her RSA from one PFA to another at least once in a year, PenCom developed and deployed the RSA Transfer System (RTS) in 2020, adding that, the RTS is a computer-based application for initiating, processing, and monitoring the RSA Transfer process and that it also ensures the seamless transfer of RSAs from one PFA to another.