Finance

Pension assets rebound, gain N164bn in one month

10% of Nigerians have access to pensions’

The assets under the Contributory Pension Scheme returned to a growth path to gain N164bn in October after incurring a loss of almost N2bn in September.

This was contained in the National Pension Commission’s latest monthly report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 31 October 2022.’

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According to the report, the assets rose to N14.59tn in October from N14.424tn and N14.426tn as of the end of August.

The figure showed that N9.23tn of the funds was invested in Federal Government’s securities, N1.53tn in corporate debt securities, N2.17tn in money market instruments, and N65.68bn in mutual funds.

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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.

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

Punch

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