Contributory pension assets drops by N7bn to N12.299tn in January

By Ngozi Onyeakusi—– The Contributory Pension Scheme which had maintained a steady rise since inception as the fastest growing fund in the economy fell by N7bn in January 2021 recording N12.299tn from N12.306tn recorded in December 2020.

This is contained in the National Pension Commission’s report titled ‘unaudited report on pension funds industry portfolio for the period ended 31 January 2021’ revealed on Thursday.

The report showed figures on Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (including unremitted funds).

The CPS introduced through the Pension Reform Act was commenced in 2004. According to the figures, the pension assets which ended December 2020 at N12.306tn fell to N12.299tn as of the end of January.

The bulk of the funds were invested in the Federal Government’s securities. According to the figures, in January, N8.1tn was invested in FGN securities including FGN bonds, treasury bills, agency bonds SUKUK and green bonds.

Other investment portfolios were domestic and foreign ordinary shares; corporate debt securities comprising of corporate bonds, corporate infrastructure bonds, corporate green bonds and supra-national bonds.