Contributory pension assets rise to N16.76trn

Assets under the Contributory Pension Scheme rose by about N2 trillion in the first half of 2023, according to the National Pension Commission.

Figures obtained from PenCom’s unaudited report on pension funds industry portfolio for the period ended 30 June 2023 on Approved Existing Schemes, Closed Pension Fund Administrators and RSA Funds (Including unremitted contributions @CBN & legacy funds), revealed.

According to the figures, the assets rose from N14.99trillion as of December 2022 to N16.76trillion as of the end of June 2023.

The bulk of the assets invested in the Federal Government’s securities rose from N9.64trillion to N10.86trillion.

Retirement Savings Accounts membership also rose from 9,862,129 in December 2022 to 10,009,049 as of the end of June 2023.

Other investment portfolios where the funds were invested include domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.