THE National Pension Commission has said that Nigeria’s total pension fund assets rose to N10.79tn in May 2020,
This was contained in the monthly Summary of Pension Fund Assets published on the National Pension Commission website.
According to the report, about N7.2tn of the fund was invested in Federal Government’s securities, while N17bn was invested in Private Equity Fund.
The PenCom report stated that the sum of N1.58tn was invested in Local Money Market securities, while N758bn was put in Corporate Debt Securities.
It also stated that the pension fund, which had been reclassified into the Multi-Fund structure – Fund I, Fund II, Fund III, Fund IV, and Fund V – stood at N25bn, N4.67tn, N2tn, N582.2bn and N24.8m, respectively.
As of May this year, the number of Retirement Savings Account holders grew to 9,016,324.
The Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, had said the commission considered contributors as very important stakeholders, adding that everything was being done to ensure they enjoy life after retirement.
The PenCom boss said the objective of the Pension Reform Act of 2014 was to ensure that every person who worked in either in the Public Service of the Federation, Federal Capital Territory, States and Local Governments or the Private Sector, received his retirement benefits as and when due.
She said through the pension reform act, the commission had been able to establish uniform set of rules, regulations and standards for all aspects of pension administration, including payment of retirement benefits to retirees, among others.
