PFAs Lower Pension Funds’ Bank Investments to N1.6 trillion.

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The Contributory Pension Scheme’s funds invested in fixed deposits and bank acceptance were lowered by the Pension Funds Administrators to N1.6 trillion in February.

The National Pension Commission reported that the total funds under the system reached N15.49 trillion during the time period under review.

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 PFAs had N1.94 trillion invested in fixed deposits and bank acceptance at the end of December 2022.

The commission had emphasized the need for investing the money in accordance with the rules of the 2014 Pension Reform Act in its updated investment regulation.


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