Nigeria's Pension Funds Hit N21.92tn, Says PenCom DG
- Pension fund assets hit N21.92tn in October, projected to surpass N22tn by year-end, PenCom announced
- PenCom tackles inflation and Naira devaluation with revised investment strategies for contributors’ funds
- PenCom expands pension coverage, resolves benefit delays with N44bn fund release, and digitizes PCC applications
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The National Pension Commission (PenCom) announced that total pension fund assets under the Contributory Pension Scheme (CPS) reached N21.92 trillion as of October 2024. Contributions came from 10.53 million registered participants.
Speaking at the 2024 PenCom Media Conference in Abuja on Thursday, PenCom Director-General Omolola Oloworaran projected that the assets would surpass N22 trillion by the year’s end.
Source: Original
“Our goal remains the safety and sustainable growth of contributors’ funds through prudent management,” Oloworaran said.
Addressing Economic Challenges
Oloworaran acknowledged economic challenges such as high inflation, Naira devaluation, and lingering impacts of past monetary policies that have reduced the real value of pension funds.
“To address these challenges, PenCom has initiated a comprehensive review of investment regulations, focusing on inflation-protected instruments, alternative assets, and foreign-currency-denominated investments,” she said.
She emphasized that these measures aim to safeguard contributors’ savings and bolster resilience against future economic instability.
Enhancing Pension Coverage
The Commission is also prioritizing the expansion of pension coverage. Plans include revamping the Micro Pension Plan and leveraging technology to encourage participation from the informal sector.
“We are committed to improving accessibility and coverage for informal sector workers, ensuring that all Nigerians benefit from retirement savings,” Oloworaran noted.
Tackling Delays in Retirement Benefits
Addressing delays in the payment of retirement benefits for Federal Government retirees, Oloworaran disclosed that N44 billion had been released under the 2024 budget to settle accrued pension rights for retirees from March to September 2023.
PenCom also highlighted strides in digital transformation with the launch of an e-application portal for Pension Clearance Certificates (PCCs).
“So far, we have issued 38,528 PCCs, enhancing ease of doing business and ensuring compliance,” she announced.
Additionally, the Pension Industry Shared Service Initiative is advancing to digitize pension contributions and remittances, resolving discrepancies and ensuring seamless Retirement Savings Account contributions.
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Source: Legit.ng
