Pension fund asset hits N5tn – PenCom

Asset in the Contributory Pension Scheme, which started in 2004, has grown to over N5tn.

The National Pension Commission who disclosed this said the need to ensure adequate security of the fund was a major reason why the commission had yet to approve the investment of the fund in infrastructure.

The Director-General, NPC, Mrs. Chinelo Anohu-Amazu, stated these while speaking at the second edition of the World Pension Summit Africa Special.

The summit, with theme ‘Building Sustainable Pension Systems in Africa’, was designed to stir up practical and enduring strategies for pension fund regulation on the continent.

This is the second consecutive time Nigeria would be hosting the international event.

The PenCom boss said the commission had begun the implementation of some of the recommendations that were made during last year’s summit.

Some of them, according to her, are the introduction of the Micro Pension Plan, which would be inaugurated before the end of the year, and the guidelines that allow Retirement Savings Account holders to use a portion of their RSA for home acquisition.

The PenCom DG explained that while the commission was looking for infrastructure instrument to invest the fund, there was need for government to provide some form of guarantee for owners of the fund.