Pension Fund Rises 6.3% to N11.09trn in Six Months

By Adedapo Adesanya

The National Pension Commission (PenCom) has announced a 6.3 per cent increase within six months to the pension funds assets which stood at N11.09 trillion as at June 2020.

PenCom stated this in its released summary of pension fund assets as of June 30, 2020. The report revealed that the assets gained N666 billion from January 2020, where it stood at N10.43 trillion to June, where it peaked at N11.09 trillion.

The pension regulator noted that N7.46 trillion of the assets, which is 67.4 per cent, was invested in federal government securities, while, local money market securities got N1.62 trillion, amounting to 14.6 per cent.

It said N4.77 trillion of the assets was invested in RSA Fund ll, while N32.32 million of micro pension contributions have so far been invested.

Business Post had reported that PenCom had recently initiated the process of reviewing the Pension Reform Act (PRA) 2014, which it said the initiative was to address identified challenges and public clamour.

It maintained that the review is with a view to reposition the Contributory Pension Scheme (CPS) and consolidate the gains of the pension reform for the benefit of Nigerians.