According to figures released by the National Pension Commission on Friday, total assets under the Contributory Pension Scheme increased by N460 billion in three months to N13.88 trillion in March.
This was contained in the National Pension Commission’s latest report, titled ‘Unaudited report on pension funds industry portfolio for the period ended 31 March 2022; Approved Existing Schemes, Closed Pension Fund Administrators, and RSA funds (Including unremitted contributions @CBN & legacy funds).’
The funds, which were valued at N13.42 trillion at the end of December 31, 2021, increased to N13.61 trillion and N13.76 trillion at the end of January and February 2022, respectively.
In March, N8.5tn of total funds were invested in Federal Government assets, which included bonds and treasury bills, according to data.
The amount represented 61.24 per cent of the total assets under the Contributory Pension Scheme.
Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.
PenCom also disclosed that the total number of workers with Retirement Savings Accounts rose slightly to 9.589 million as of end of February, from 9.529 million as of end of December 2021.
It stated that 131,376 workers who retired from active service could not be placed on monthly pensions as of the end of 2021.
Figures obtained from PenCom showed that the affected workers had received all the contributions in their Retirement Savings Accounts totalling N32.58bn, having quit the Contributory Pension Scheme.
According to PenCom, the affected retirees had below N550,000 as the balance in their RSAs which did not qualify them to be enrolled under the two retirement options of annuity and programmed withdrawal
The pension regulator also said some foreign nationals returning to their countries withdrew their savings before leaving.
According to the Pension Reform Act 2014, any worker with less than N550, 000 would be given the total balance in their RSA by the PFA and allowed to leave the pension scheme.
PUNCH
