Contributory Pension Assets Increased by N1.68 trillion in a Year.

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The Contributory Pension Scheme’s assets increased by N1.68 trillion, from N13.76 trillion at the end of February 2022 to N15.45 trillion at the end of February 2023. This information was provided by PenCom in its unaudited report on the portfolio of the pension funds industry for the period ending February 28, 2023.

The information on approved current schemes, administrators of closed pension funds, and retirement savings funds was provided by the data (including unremitted contributions at the Central Bank of Nigeria and legacy funds). The report states that throughout the evaluation period, there were 9,919,281 Retirement Savings Accounts.

Aisha Dahir-Umar, Director-General of PenCom, commented on the state of the sector in 2022 and noted that pension fund assets remained strong despite the severe headwinds in the global economy and the difficult financial situation of the nation.

She said the performance in the growth of the AuM pointed to the fact that the pension industry would continue to deliver value and benefit to its stakeholders and the nation’s economy. “We continued our efforts to ensure further diversification of investments in pension fund portfolio assets,” she said.

While rising inflation continued to challenge the Nigerian economy, she noted that efforts were being made to ensure average annual pension fund returns for RSA and legacy funds exceeded headline inflation.

Punch.

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