Pension assets boosted with N29bn in 2 months

About N29 billion has been injected into the pension fund assets in January and February 2020 respectively.

Data obtained from the National Pension Commission (PenCom) revealed that the pension fund assets stood at N10.22 trillion as at December 31, 2019 and moved to N10.51 trillion by February 29, 2020, showing a difference of N29 billion.

PenCom also noted that the total Retirement Saving Account (RSA) fund moved up by N23 billion, soaring from N7.85 trillion in December 2019 to N8.08 trillion in February 2020, while investments in federal government’s securities fell by N25 billion, sliding from N7.34 trillion in December 2019 to N7.09 trillion in February 2020 and amounts put into bank placement moved up by N42 billion, from N1.06 trillion to N1.48 within the period.

The pension industry regulator posited that Pension Fund Managers (PFM) had invested N7.77 million contributed by micro pension subscribers as at February 29, 2020 in Federal Government’s treasury bills and bank placement.

Giving a breakdown of how the 7.77 million funds were invested, PenCom said, N3.10 million of the micro pension fund was invested in Federal Government treasury bills while N3.75 million went into bank placement.

The commission also revealed that the Micro Pension Plan (MPP) had recorded 28,000 subscribers as at October 2019.