‘Contributory Pension Assets Rise to N17.66 trn’
The overall properties under the Contributory Pension Scheme increased to N17.66 tn since completion of October 2023.
Figures gotten from the National Pension Commission (PenCom) on ‘Unaudited report on pension funds market portfolio for the duration ended October 31, 2023; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (consisting of unremitted contributions @CBN & & Legacy Funds)’ exposed on Sunday.
According to the figures, N11.42 tn of the possessions were bought Federal Government securities.
The possessions were likewise bought state federal government securities, business financial obligation securities, cash market instruments and shared funds, to name a few.
The Pension Fund Administrators had earlier stated that the market taped N7.98 tn benefit from investing contributions made by employees into their Retirement Savings Accounts under the CPS.
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In a report gotten by Economic Confidential from the Pension Fund Operators Association of Nigeria, the overall funds under the CPS stood at 17.37 tn since completion of the 2nd quarter of 2023.
Contributions made by the employees from both personal and public sectors stood at N9.37 tn in the duration under evaluation.
The report entitled, ‘At the dawn of twenty years of pension reform, what are the gains?’ and launched by the Chief Executive Officer, PenOp, Mr Oguche Agudah, revealed that employees’ contributions represented 54 percent, while the roi represented 46 percent of the whole pension funds since completion of June 2023 from the start of the CPS in 2004.
Under the Pension Reform Act, the PFAs administer the funds, which are kept in the custody of the Pension Fund Custodians.
In the examined financial investment guidelines, PenCom specified that the PFAs should use a multi-fund structure for the Retirement Savings Account.