Pension assets rise by N842.73bn in six months

Assets under the Contributory Pension Scheme rose by N842.73bn in the first half of 2022 to hit N14.27tn as of the end of June.

Figures obtained from the National Pension Commission on its ‘Unaudited report on pension funds industry portfolio for the period ended 30 June 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds) have shown.

The data showed that N9tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills.

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.

According to PenCom, the total number of RSA holders stood at 9,795,957 during the period under review.

The Pension Reform Act, which led to the CPS, was inaugurated in 2004.

It provides a contributory arrangement in which the employer and employee contribute to the workers’ RSAs.

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