Pension Fund Illustration

National Pension Commission (PenCom) has disclosed that the Pension assets under the Contributory Pension Scheme has grown  by N1.11tn to record  N13.42tn in 2021. According to the commission in its unaudited reports on pension funds industry portfolio, pension assets grew to N13.42tn on December 31, 2021 from N12.31tn at the end of 2020. The reports showed that N8.77tn was invested in Federal Government’s securities, N943.34bn in corporate debt securities, N2.01tn in local money market securities, and N120.73bn in mutual funds. PenCom said N915.31bn was invested in domestic ordinary shares while N122.49bn was invested in foreign ordinary shares. The commission had said recently in a statement that it organised a retreat on the review of the Pension Reform Act 2014 in Abuja in January. It said the retreat aimed to identify salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the bill. “It is expected that the National Assembly would subsequently organise a public hearing in order to provide an avenue for stakeholders to formally make input into the proposed amendments,” PenCom said.