The country’s pension assets reached N14.06 trillion at the end of April 2022, according to the latest monthly industry performance figures released by the National Pensions Commission (PenCom).
The figure rose from 13.88 trillion naira recorded during the same period in March 2022, indicating an increase of 181.34 billion naira month-on-month, compared to an increase of 113.75 billion naira. naira in March compared to performance in February.
The number of registered contributors also increased to 9.64 million (9,648,213) in April, from 9.30 million in March and 9.27 million in February 2022.
According to Pension Nigeria, the top places where pension funds were invested in April 2022 include FG Securities 8.56 trillion naira, or 60.90%, while the local money market was 2.225 trillion naira, or 16, 04%.
Others are corporate debt securities, which accounted for N1.18 trillion or 8.36%; domestic ordinary shares N999 billion or 7.11%; cash and other assets N365 billion or 2.60%.
Real estate accounted for N236 billion or 1.68%, while state government securities accounted for N172 billion or 1.22%.
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In March, N13.88 trillion was recorded, and it included N9.81 trillion in “active” RSA funds (RSA Funds I, II, III and V); and N1.1 trillion in the RSA Pension Fund (Fund IV);
Others are N1.54 trillion in CPFA; 1.42 trillion naira in approved existing schemes, while active fund VI and retirement fund stood at 23.16 billion naira.
Pension fund assets were primarily invested in Federal Government Securities (FGN), accounting for 61.26% of total assets.
The composition of investments in FGN Securities was FGN Bonds: 92.20%; Treasury bills: 3.45%; and agency bonds, Sukuk and green bonds accounting for 1.29%.
Olumide Oyetan, managing director/CEO of Stanbic IBTC Pension Managers, had implored employers to put in place a robust pension scheme for their employees.
He said having a strong pension plan in an organization demonstrates the employer’s commitment to the future of its employees and this, in turn, improves employee loyalty and productivity.
On the implementation of the contributory pension scheme, PenCom said that as of the first quarter of 2022, 25 states in the Federation had enacted CPS pension laws, while two states were at the draft bill stage. , four have adopted the contributory defined benefit scheme. Scheme (CDBS).
However, he noted that he has continued to involve them through awareness-raising workshops and capacity-building programs.
He organized a stakeholder meeting with representatives from the Ekiti State Pensions Commission (ESPC), which discussed the challenges faced in implementing the CPS in the state; made presentations at the Pension Management Retreat organized by the FCT Area Councils Staff Pension Board (FCTACSPB) in Akwanga, Nasarawa State.
Presentations addressed the challenges of CPS implementation with a focus on uncredited contributions.
The commission also engaged the government of Rivers State, expressing concern over the inability of the state to take steps to fully implement the CPS in the state, given the imminent start of the retirement state employees under the CPS from June 1, 2022.
The commission also engaged the Ogun State Government on the continued non-remittance of pension contributions into the RSAs of its employees, in view of the fact that the employees will start retiring under the CPS from from July 1, 2025.