Contributory pension assets rise by N1.11tn, hit N13.42tn

Pension assets under the Contributory Pension Scheme rose by N1.11tn in 2021, latest figures obtained from the National Pension Commission revealed on Wednesday.

PenCom, in its unaudited reports on pension funds industry portfolio, said the pension assets rose to N13.42tn on December 31, 2021 from N12.31tn at the end of 2020.

The reports showed that N8.77tn was invested in Federal Government’s securities, N943.34bn in corporate debt securities, N2.01tn in local money market securities, and N120.73bn in mutual funds.

PenCom said N915.31bn was invested in domestic ordinary shares while N122.49bn was invested in foreign ordinary shares.

The commission had said recently in a statement that it organised a retreat on the review of the Pension Reform Act 2014 in Abuja in January.

It said the retreat aimed to identify salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the bill.

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