Pension assets hit N12.78trn in July

Pension fund assets under management have continued its growth trajectory every month, soaring to N12.78 trillion as of July 31, 2021.

The National Pension Commission (PenCom) in its recent data stated that the pension fund asset stood at N12.31 trillion as of December 31, 2020, and soared to N12.78 trillion by July 31, 2021, revealing a difference of N47 billion.

It was also gathered that 19,000 retirement savings account holders joined the contributory pension scheme within the period under review.

On investment side, N8.13 trillion was invested in federal government securities as of December 2020, while N8.20 trillion was invested by July 2021.

PenCom also noted that as of December 2020, N136.59 billion was invested in state government securities, N1.69 trillion in the local money market, while N89.68 billion was invested in state government securities in July 2021 and N2.11 trillion invested in the local money market.

The Director-General (DG), National Pension Commission- PenCom, Mrs. Aisha Dahir-Umar reassured stakeholders that the implementation of the CPS remains on course, adding that number of registered contributors under the CPS has continued to grow while pension fund assets have accumulated to N12.78 trillion as of July 31 2021.

She submitted that the maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment philosophy of ensuring the safety of pension fund assets.