Pension Fund Illustration

By Ngozi Onyeakusi— Total assets under the Contributory Pension Scheme gained N340bn in two months and rose to N13.76tn as of the end of February. 2022

The National Pension Commission (PenCom) made this known in its latest report, titled ‘Unaudited report on pension funds industry portfolio for the period ended 28 February 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds).’

The funds, which ended December 31, 2021, at N13.42tn, rose to N13.61tn as of the end of January 2022.

The data showed that N8.51tn of the total funds was invested in Federal Government securities, comprising bonds and Treasury Bills, in February.

Other investment portfolios where the funds were invested include domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.

PenCom also stated that the total number of workers with Retirement Savings Accounts rose slightly to 9,589,721 as of February ending from 9,529,127 as of the end of December 2021.