Pension assets hit N16.76trn, says PenCom DG

The National Pension Commission, PenCom, says pension assets increased to N16.76 trillion within the half-year period (six months) that ended in June 2023.

Aisha Dahir-Umar, the Director-General of PenCom, said this on Tuesday in Kano at the National Pension Commission/Nigeria Employers Consultative Association, NECA, Interactive Session on the Contributory Pension Scheme for the organised private sector.

Represented by the Commissioner Administration, PenCom, D Faruk Aminu, she said that the figure was the total fund accruing from pension contributions in the country under the CPS as at the end of third quarter of 2023.

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She explained that the pension industry was one of the fastest-growing financial sectors in Nigeria.

According to her, at the end of the third quarter of 2023, the number of RSAs under the CPS stood at 10 million and the size of the pension Asset under Management amounted to N16.76 trillion.

“The commission has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones.”

The director-general urged employers to encourage their workers to transfer contributions of the Nigerian Social Insurance Trust Fund, NSITF, to their retirement savings accounts, RSAs.

This, she said, was in compliance with the commission’s responsibility of supervising the transfer, following the enactment of the Pension Reform Act, PRA, 2014.