Pension assets grow by N2.1tn to N12.3tn in 2020-PenCom

Pension assets increases to N12.3tn in 2020– PenCom

The latest statistics by the National  Pension Commission, PENCOM have shown that the total pension assets under the contributory pension scheme grew by N2.1 trillion to N12.3 trillion in 2020 from N10.2 trillion recorded at the end of 2019.

The commission stated that N8.13tn of the funds was invested in Federal Government of Nigeria Bonds while N858.46bn and N92.91bn were invested in domestic and foreign ordinary shares respectively adding that N1.68tn and N161.39bn were also invested in local money market securities and mutual funds respectively.

As part of efforts to boost services in the industry, PenCom opened the transfer window to enable workers in the Contributory Pension Scheme to change their pension companies. PenCom said RSA holders may transfer their accounts from one Pension Fund Administrator to another once a year, in line with Section 13 of the Pension Reform Act 2014.

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According to the punch, prior to this launch, the commission said it had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers. In addition, it said the commission had conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the event.

The Managing Director, ARM Pension, Wale Odutola, said it gave every RSA holder the opportunity to move from their current PFA to a preferred one which they believed would better satisfy their pursuit of a comfortable retirement. He stated that the CPS was currently providing safety nets for about 233,493 retirees on programmed withdrawal and over nine million contributors, with consistent growth of pension assets in nominal terms of about 17.6 percent over a five-year period.