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HomeBanking and FinancePenCom in a coaster roller as pension fund assets hit N14.99trn

PenCom in a coaster roller as pension fund assets hit N14.99trn

The National Pension Commission (PenCom) in its recent report on the performance of the pension industry in Nigeria revealed that pension fund assets under management (AuM) has grown from N13.42 trillion to N14.99 trillion at the end of December, 2022.

According to the report, contributors in the scheme rose slightly by 333,002 from 9,529,127 as at the end of 2021 to 9,862,129 in the corresponding period.

According to the figures, N9.64tn or 64.33 per cent of the assets was invested in the Federal Government of Nigeria’s securities, N1.66tn was invested in corporate debt securities, N1.98tn was invested in money market securities and N82.8bn in mutual funds among other investment portfolios.

The Commission further disclosed that 34,283 Retirement Savings Accounts holders initiated RSA transfer from one PFA to another in the 4th quarter of 2022. The RSA holders moved N131,785,628, 655.76 between the PFAs.

According to the report, a total value transferred decreased by 7.91 per cent compared to the previous quarter while there was an increase of 10.69 per cent number of RSAs transferred. The total value for 4th quarter of 2022 is the second highest, while the total number of RSAs transferred is the highest since opening of the transfer window in 2020..

PenCom further stated that the total RSA transfers since the launch of the RSA transfer system on November 16, 2020is now 143,105 and the RSA holders have moved to a grand total of N552, 084, 849, 650.19 between the PFAs.

The Director-General of the Commission, Aisha Dahir-Umar, while commenting on the industry’s third quarter 2022 performance said commended management and staff of the Commission for their commitment to the actualization of the Commission’s objectives even in face of challenges.

According to her, “despite the overwhelming head-winds in the global economic climate and the country’s challenging macroeconomic environment, the pension fund assets under management increased.

“This laudable performance, in the growth of the AuM, points to the fact that the pension industry will continue to deliver value and benefit to its stakeholders and the nation’s economy,” she said.

During the period under review, the director-general, said PenCom steadily pursued increased diversification of pension fund portfolios by ramping up efforts aimed at ensuring sustained investment of pension fund in alternative asset classes and structured infrastructure projects that meet the stringent requirements as enshrined in the regulation for the investment of pension fund assets.

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