BY EDMOND ODOK, ABUJA – The National Pension Commission (PenCom) is excited that robust engagement with Pension contributors has mopped up over N210 billion into the Pension Fund Assets (PFAs) by the second quarter of 2019.
By the Commission’s estimation, the support and understanding of all stakeholders, especially the contributors, are largely responsible for the achievements recorded within the pension sector in the past 15 years
Similarly, it said the good news is that besides PFAs, the Retirement Saving Account (RSA) registration also posted impressive figures for the period under review.
The latest monthly report on the Commission’s website indicated that the PFAs hit N9.33 trillion mark by June 2019 ending, up from the N9.12 trillion recorded in the month of April while the RSA funds rose to N7.12 trillion in June as against N6.94 trillion recorded in April 2019.
However, investments in Federal Government securities dropped by N60 billion, from N6.55 trillion in April to N6.49 trillion in June, even as the RSA Fund 11 continues to attract more investments, jumping from N4.02 trillion to N4.10 trillion. The figure represents about 80 billion Naira increase during the same period.
Commenting on the published report, Acting Director General of PenCom, Mrs Aisha Dahir-Umar, noted that esteemed contributors to the Contributory Pension Scheme (CPS) are integral part of accumulating the over N9 trillion in the kitty as well as other successes achieved in the implementation of the Scheme
She said to maintain the current impressive performance in the nation’s pension industry, contributors must remain steadfast and focused on contributing positively to ensure the pension reforms succeeds.
In the PenCom’s boss words, “The achievements recorded by the Commission in the last fifteen years would not have been possible without the support and understanding of all stakeholders, especially you, our esteemed contributors who are about to retiree.
“I therefore urge you to contribute positively towards the success of the Pension Reform Programme in the country.”
