BusinessLatest News

Total Pension Assets Hit N11.35tn

Latest data released by the National Pension Commission (PenCom) on Wednesday revealed that the total assets under the Contributory Pension Scheme (CPS) rose to N11.35tn as of the end of August.

This indicated that the funds rose from N11.08tn in June to N11.3tn in July, according to the data provided.

The commission further disclosed that N7.51tn or 66.27 percent of the funds had been invested in Federal Government’s securities.

Other areas where the funds were invested are domestic and foreign ordinary shares, corporate debt securities, local money market securities and mutual funds.

The commission, in its second-quarter report, explained that sequel to the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by recovery agents, 16 of the affected employers remitted the sum of N261.33m.

It said this represented a principal contribution of N152.79m and penalty of N108.54m during the quarter.

This brought the total recoveries made from inception to June 30 to N17.52bn comprising principal contribution of N8.89bn and penalty of N8.63bn.

31,003 Workers Lose Jobs, Withdraw N116.87bn From Pension Accounts

The Pension Fund Administrators (PFAs), during the quarter under review, registered a total of 2,839 contributors under the Micro Pension Plan (MPP) for which a total of N7.4m had been remitted to the Retirement Savings Accounts (RSAs) as pension contributions.

The Commission noted that a total of 51,974 informal sector workers had registered for the MPP and contributed the sum of N42.1m as of June 30.

It also disclosed that in the Q2, the pension industry recorded a 0.45 percent growth (41,074) in the scheme membership, moving from 9.06 million contributors at the end of the preceding quarter to 9.10 million.

The growth in the industry membership was driven by the RSAs scheme, which had an increase of 41,147 contributors, representing 0.46 per cent, it said.

Help Aledeh News deliver the independent journalism Nigeria and the world need. Support us by making a contribution. Your donation allows Aledeh News to be completely independent. But it also means this online platform is only possible because of the support of readers like you. Support Now!
Tags

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close
Close Bitnami banner
Bitnami