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Pension assets rise to N12.3tn – PenCom declares



DG of PenCom,
DG of PenCom, Aisha Dahir-Umar

The National Pension Commission (PenCom) on Thursday, February 4, declared that the total pension assets under the Contributory Pension Scheme rose by N2.1tn to N12.3tn as of 2020 from N10.2tn as of the end 2019.

According to statistics from the PenCom, N8.13tn of the funds was invested in the Federal Government of Nigeria (FGN) Bonds.

The commission explained that the figures N858.46bn and N92.91bn were invested in domestic and foreign ordinary shares respectively.

The PencCom explained further that N1.68tn and N161.39bn were also invested in local money market securities and mutual funds respectively.

Also, the body opened the transfer window to enable workers in the Contributory Pension Scheme to change their pension companies.

The PenCom noted that the RSA holders may transfer their accounts from one Pension Fund Administrator to another once in a year, in line with Section 13 of the Pension Reform Act 2014.

The commission, earlier said it had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.

It added that it had conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the event.

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  1. Pingback: Pension Assets Rise To N12.3tn – PenCom Declares | Techvalley

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