Contributory pension fund reaches N14 trillion and earns N640 billion in months
Total assets under the contributory pension scheme rose to 14.06 billion naira in April, following an increase of 640 billion naira in the first four months of 2022, according to data from the National Pensions Commission ( PenCom).
PenCom in its latest report titled “Unaudited Pension Fund Industry Portfolio Report for the Period Ended April 30, 2022; Approved Existing Plans, Closed Pension Fund Administrators and RSA Funds (Including Unpaid Contributions @CBN and legacy funds).’
The funds, which ended on December 31, 2021 at 13.42 trillion naira, increased to 13.61 trillion naira and 13.76 trillion naira at the end of January and February 2022 respectively.
It rose to 13.88 trillion naira at the end of March, according to the data.
The data showed that 8.56 trillion naira of the total funds was invested in federal government securities, comprising bonds and treasury bills.
Other investment portfolios in which the funds were invested included: domestic and foreign common stocks; corporate debt securities comprising corporate bonds; corporate infrastructure bonds; corporate green bonds and supranational bonds.
PenCom also revealed that the total number of workers with retirement savings accounts increased slightly to 9.648 million at the end of April, from 9.529 million at the end of December 2021.