Total Pension Assets Rise To N11.08tn

Total Pension Assets Rise To N11.08tn

Despite the effect of the coronavirus pandemic on different sectors of the economy, the total pension assets under the Contributory Pension Scheme rose to N11.08tn as of the end of June.

The National Pension Commission disclosed this in its report entitled ‘Summary of pension fund assets as at 30 June 2020’, obtained by our correspondent on Thursday.

The statistics showed that the bulk of the funds, totalling N7.45tn, had been invested in Federal Government’s securities including FGN bonds, treasury bills, agency bonds, sukuk and green bonds.

Other investment portfolios where the operators invested the funds are real estate investment trusts, private equity funds, infrastructure funds, cash and other assets.

PenCom said in a recent circular that it would soon open the transfer window that would allow workers to be able to move their Retirement Savings Accounts to another Pension Fund Administrator of their choice.

It also said the opening of the transfer window would facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition among the PFAs and improve service delivery to RSA holders.

The commission stated that Section 13 of the Pension Reform Act, 2014 allowed contributors to move their RSAs through a transfer window from one PFA to another, provided that it was not more than once in a year.

The statement said, “The National Pension Commission has being working assiduously to actualise the provisions of Section 13 of the Pension Reform Act, 2014.

“Preparatory to the opening of the transfer window, the commission developed and deployed the Enhanced Contributor Registration System in September 2019.”

The commission said it had developed the RSA Transfer System, a robust electronic platform, that would enable seamless RSA transfers.

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