Pension assets increase by N92bn in March
The National Pension Commission (PenCom) has said the Contributory Pension Scheme (CPS) assets recorded a N92-billion increase in March despite losing some funds in February.
This was disclosed on its official website, in the unaudited report on pension funds industry portfolio for the period ended on March 31. It also states that the commission recorded a decline of N51.30 billion in the pension fund assets in February.
According to the report, the funds which ended February at N12.248 trillion rose to N12.34 trillion at the end of March.
The report also revealed data on the approved existing schemes – Closed Pension Fund Administrators and Retirement Savings Funds – including unremitted contributions at Central Bank of Nigeria and legacy funds.
According to a financial and pension expert, Halima Idris, the increase was progress on the last figure of February.
Ms Idris said that the Pension Act, which allows them to invest in the country’s economy, security and mutual funds, was not stable.
She commended the government’s efforts on the huge increase and urged Nigerians to be patient as the government was trying hard to save their money.
The total registration for Retirement Saving Account (RSA), as of March 2021, was 9.3 million.
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