Contributory Pension Assets Hit N15.45trn in One Year

The assets under the Contributory Pension Scheme rose by N1.68tn to hit N15.45tn from N13.76tn in the last one year, dating from February 2022 to February 2023, the Pension Commission (PenCom) has said.

PenCom disclosed this in its unaudited report on the pension funds industry portfolio for the period ended February 28, 2023.

The data provided information on the approved existing schemes, Closed Pension Fund Administrators and Retirement Savings Funds (including unremitted contributions at the Central Bank of Nigeria and legacy funds).

According to the report, the number of Retirement Savings Accounts stood at 9,919,281 in the period under review.

Speaking on how the industry fared in 2022, the Director-General, PenCom, Aisha Dahir-Umar, said despite the overwhelming head-winds in the global economic climate and the country’s challenging macroeconomic environment, the pension fund assets under management increased by N568.33bn from N14.42tn in 30 September 2022 to N14.99tn by 31 December 2022.

Punch/