Pension fund assets under the Contributory Pension Scheme (CPS) rose to N31.80 trillion as of August 31.

According to the unaudited monthly pension industry report released by the National Pension Commission (PenCom) on Tuesday, pension assets grew by N289.40 billion from the N31.51 trillion recorded at the end of July.

The report showed that the increase represents a 0.92 per cent growth in the total net asset value of pension funds for the month under review.

It also put total Retirement Savings Account (RSA) membership at 11,391,008 as of August.

The report showed that pension fund investments remained largely concentrated in federal government securities, ordinary shares, money market instruments and corporate debt securities.

Federal government securities accounted for N17.80 trillion of the total pension fund assets, making them the largest investment category.

Domestic ordinary shares accounted for N6.32 trillion, while foreign ordinary shares stood at N280.66 billion.

The pension funds industry also invested N3.27 trillion in money market instruments, comprising fixed deposits, bank acceptances, commercial papers and other eligible investments.

Corporate debt securities accounted for N2.21 trillion of the industry’s portfolio, while mutual funds stood at N326.64 billion.

The report further showed that pension fund investments in infrastructure funds stood at N344.62 billion, while real estate investments amounted to N132.81 billion.

Private equity investments accounted for N267.01 billion, while cash and other assets stood at N462.42 billion.

PenCom’s latest report updates the size and investment composition of pension funds under the CPS.

(NAN)