Sunday , August 19 2018
Breaking News

Nigeria’s pension assets hit N8.23trn

Pension Assets under the Contributory Pension Scheme (CPS) have increased from N7.52 trillion in December 2017 to N8.23 trillion in June 2018, Acting Director General of National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, said yesterday

Dahir-Umar also explained that the rise was due to new contributions received, interest/ coupon from fixed income securities and net realised/ unrealised gains on equities and mutual fund investments.

She made the disclosure during the 3rd annual conference of the National Association of Insurance and Pension Correspondents (NAIPCO), in Lagos.

Represented by Lana Loyinmi, Head, Benefits Department, the PENCOM  boss  said the number of contributors had also grown from 7.89 million in December 2017 to 8.14 million in June 2018 as a total of 312, 291 employees joined the pension scheme during the first six months of the current year.

According to her, as part of efforts to enhance the monthly pension of retirees under the scheme, the commission initiated the Person Enhancement Programme.

She said: “It was discovered that the returns being generated by the PFAs on the balances of RSAs of majority of retirees could be used to enhance their monthly pensions.”

She added that, the commission sought for and obtained the approval of the Secretary to the Government of the Federation to implement the pension enhancement programme, which resulted in increased monthly pensions for most retirees receiving pension under the programmed withdrawal arrangement.

She stated that the implementation of the pension enhancement was one of the significant milestones attained since the commencement of the CPS, stressing that, it confirmed that CPS had workable internal mechanisms to respond to legitimate demands of retirees as they seek a reasonable retirement income.

The commission, however, added that it was willing to sustain this periodic review exercise in line with relevant provisions of the law.

 

About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.