The National Pension Commission (PENCOM) has put the total pension assets under the Contributory Pension Scheme (CPS) at N12.3 trillion as at the end of fiscal year 2020, representing about N2.1 trillion over the assets’ value as of the end 2019.
Latest figures published by the commission indicated that out of the gross asset value of N12.1 trillion, N8.13 trillion had been invested in Federal Government of Nigeria Bonds so far, comprising N858.46 billion and N92.91 billion investments in domestic and foreign ordinary shares respectively.
PenCom further reported that N1.68 trillion and N161.39 billion were also staked in local money market securities and mutual funds respectively.
As part of its initiatives to grow the performance of the scheme, PenCom opened the transfer window to enable workers in the Contributory Pension Scheme to transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with the provisions of Section 13 of the Pension Reform Act 2014.
Before the innovative move, the commission had successfully developed the RSA transfer app, an electronic platform that would enable seamless RSA transfers as well as conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the event.