April 14, 2024

The total assets under the contributory pension scheme lost nearly N2bn in one month.

This was contained in the National Pension Commission’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 September 2022.’

According to the report, the figure, which stood at N14.426tn as of the end of August 2022, fell slightly to N14.424tn as of the end of September 2022.

The total assets under the contributory pension scheme had earlier gained N1.01tn since the beginning of the year before setting on a downward trend.

The funds, which ended December 31, 2021, at N13.42tn, rose to N14.426tn by the end of August.

According to PenCom’s report, the total number of workers with Retirement Savings Account was 9,792,486 as of the end of September.

In the September report, N9.91tn or 63.73tn of the funds was invested in FGN securities.

The operators invested N1.49tn or 10.31 per cent in corporate debt securities, while N2.11tn or 14.59 per cent was invested in money market instruments.

The operators invested N59.63bn in mutual funds in the period under review.

Under the Pension Reform Act 2014, the Pension Fund Administrators manage the funds which are kept in the custody of the Pension Fund Custodians.

Profits earned from the investment of pension funds are required to lift up the balances in the workers’ Retirement Savings Accounts.

The PFAs are required to follow the investment guidelines of PenCom in putting investing of the funds in any portfolio.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Leave a Reply

Your email address will not be published.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