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...

Scrabble Stars Battle for N10m at Gov. Diri Championship

By Amgbare Ekaunkumo, Yenagoa Top Scrabble players from across Nigeria...

Northern CAN Leaders Visit Benue, Reject ‘Herders-Farmers Clash’ Narrative

...Pledge sustained advocacy...“Your presence is Christ sitting with us”...

Expect More Development — Gov. Aliyu Assures Sokoto Residents

By Muhammad Ibrahim, Sokoto Governor Ahmed Aliyu of Sokoto State...

We Have Brought Inclusive Development to Plateau — Governor Mutfwang

By Israel Adamu, Jos The people of Plateau State made...

NYSC Is the Thread Binding Nigeria’s Diversity” — Gov. Diri

By Amgbare Ekaunkumo, Yenagoa Bayelsa State Governor, Senator Douye Diri,...

What’s the Best Age for a Man to Get Married? Here’s What We Found

Marriage is one of the most significant milestones in...

Nurses Suspend Nationwide Strike – Health Minister Confirms

The National Association of Nigerian Nurses and Midwives has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img