March 25, 2023

Pension assets gained N164bn in October – PENCOM

Pension assets gained N164bn in October – PENCOM

The assets under the Contributory Pension Scheme surged by N164bn in October compared to almost N2bn loss recorded in the previous month.

DAILY POST learnt this from the National Pension Commission’s latest monthly report tagged, “Unaudited Report on Pension Funds Industry Portfolio for the Period ended 31 October 2022.”

The report stated that the commission’s assets rose to N14.59 trillion in October from N14.424 trillion and N14.426 trillion as of August 2022.

N9.23 trillion was invested in Federal Government’s securities, N1.53 trillion in corporate debt securities, the Money Market gulped N2.17 trillion while N65.68 trillion went into mutual funds.

According to the Pension Reform Act 2014, pension fund administrators warehoused the funds in the custody of the Pension Fund Custodians, PFC.

Returns, known as profits earned from the investment of pension funds, become requisite to upscale the balances in the workers’ Retirement Savings Accounts.

The PFAs are required to follow the investment guidelines of PenCom in investing funds in any portfolio.

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