x

Pension Assets Drop By N2bn within One Month – PenCom

The total assets under the contributory pension scheme lost nearly N2bn in one month.

This was contained in the National Pension Commission’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 September 2022.’

According to the report, the figure, which stood at N14.426tn as of the end of August 2022, fell slightly to N14.424tn as of the end of September 2022.

The total assets under the contributory pension scheme had earlier gained N1.01tn since the beginning of the year before setting on a downward trend.

The funds, which ended December 31, 2021, at N13.42tn, rose to N14.426tn by the end of August.

According to PenCom’s report, the total number of workers with Retirement Savings Account was 9,792,486 as of the end of September.

In the September report, N9.91tn or 63.73tn of the funds was invested in FGN securities.

The operators invested N1.49tn or 10.31 per cent in corporate debt securities, while N2.11tn or 14.59 per cent was invested in money market instruments.

The operators invested N59.63bn in mutual funds in the period under review.

Under the Pension Reform Act 2014, the Pension Fund Administrators manage the funds which are kept in the custody of the Pension Fund Custodians.

Profits earned from the investment of pension funds are required to lift up the balances in the workers’ Retirement Savings Accounts.

The PFAs are required to follow the investment guidelines of PenCom in putting investing of the funds in any portfolio.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

FG, States, LGCs Share N2.001 Trillion From A Gross Total Of N3.836 Trillion For The Month Of July 2025

By Oladosu Adebola Oluwaseun The Federation Account Allocation Committee...

Attack on Katsina Mosque, Killings Condemnable, Speaker Abbas Mourns Worshippers

By Oladosu Adebola Oluwaseun The Speaker of the House...

IADI Alleges Plot to Hijack Kafe Green Area Land

Alleges compromise by FCDA Executive Secretary and staff, using...

TCN Takes Anti-Vandalism Campaign to Edo Communities

By Jabiru Hassan The Transmission Company of Nigeria (TCN) has...

Muslim Ummah Urged to Love Prophet Muhammad

By Muhammad Ibrahim, Sokoto Chief Imam of Buhari Dan Shehu...

Sokoto NUJ Council Discusses Pending Issues at Congress

By Muhammad Ibrahim, Sokoto The Sokoto State Council of the...

Sokoto Council Of NUJ Holds Congress As Commissioner Of Police Presents Paper

By Muhammad Ibrahim, Sokoto The Sokoto State Council of the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img