Pension assets rose by N120 billion to N12.9 trillion in August

Pension fund assets under the Contributory Pension Scheme (CPS) went up by N120 billion in August to record N12.9 trillion according to data released by the National Pension Commission (PenCom).

In the latest unaudited reports on pension fund portfolio, the assets rose from N12.78 trillion at the end of July to N12.9 trillion in August this year.

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According to the Commission, the total Retirement Savings Accounts (RSA) rose slightly from 9,405,553 in July to 9,427,003 at the end of August.

Besides, operators invested N8.29 trillion of the funds in Federal Government’s securities, while the rest was invested in other portfolios such as domestic and foreign ordinary shares , corporate debt securities, local money market and mutual funds.

In another development, the Commission has extended the 2021 online retirees verification and enrolment from October 31 to December 31 2021.

The Head, Corporate Communications, PenCom, Peter Aghahowa, disclosed that the commission had developed an online application that automated the yearly pre-retirement verification and enrolment exercise for retirees/prospective retirees of MDAs.

Aghahowa said that the online enrolment application went live on September 1 and that retirees and prospective retirees were given a deadline at the end of October to conclude the process.

He said that only employees of Federal Government-funded MDAs are eligible to participate in the 2021 online verification and enrolment exercise.

He said the exercise involved “employees, who retired from January to October 2021, employees, who are due to retire from November to December 2021, and retirees that missed the previous enrolment exercises from 2007 to 2019.

“The affected retirees/prospective retirees are required to visit PenCom’s website http://www.pencom.gov.ng to initiate the online enrolment process by registering and capturing their employment details. Also, upload scanned copies of the required documents before proceeding to their respective Pension Fund Administrator (PFA) for the physical verification and enrolment.”

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