Pension funds fixed in bank placements rose by N520.25bn from N1.64tn as of the end of April 2021 to N1.99tn as of the end of April 2022.
Figures obtained from the National Pension Commission on ‘Unaudited report on pension funds industry portfolio for the period ended 30 April 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @Cbn & Legacy Funds)’; showed that the total pension funds stood at N13.76tn as of the end of February.
PenCom also noted that N264.5bn of the fund was p in commercial papers.
It noted that through a legislation in 2004, Nigeria’s pension industry has grown considerably; and attracted individual contributors of more than nine million Nigerians.
PenOp said the scheme had built savings of over N13tn from little monthly contributions; by many diligent workers over time, which were deduct from their monthly salaries.
According to PenOp, the CPS has the power of consistency and compounding. Enabling the worker to retire with better pensions when the fund is invest over time during his active years.
The Spokesperson of PenCom, Abdulqadri Dahiru, explained that, “Bank placement is basically term deposits; deposits in the banks that are below 365 days. It is fix income investment.
-PUNCH.
