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Pension fund assets rise to N5.39 trillion

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Anohu-Amazu

Anohu-Amazu

The Director-General, National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, has disclosed that total pension fund assets has grown to N5.39 trillion as at March, 2016.

Head, Research and Strategy Management Dr. Farouk Umar, who represented her at a round table meeting on retirement and pension to commemorate the Workers Day 2016, organized by Daily Trust Newspapers in Abuja said this represents about 7.45 per cent of total labour force in Nigeria and 3.95 per cent of total population. According to her, 26 States of the Federation has adopted the scheme and are at different stages of implementation while the remaining 10 States are at bill stage.

“About 200,000 private sector employers of labour are implementing the CPS, over 162,343 had retired under the Scheme as at March 2016 and are currently receiving pensions as and when due. Average monthly contributions is about N25 billion.

According to her, “The assets were equivalent to about 7.72 per cent of the Nigerian rebased GDP, about 60 per cent of the total pension fund assets belong to the private sector”.

On micro pension, she said the plan was introduced to extend coverage to the persons working in the informal sector and the self-employed, stressing that the micro Pension Department has been established to drive implementation of the Plan.

She said multi-channel platform will be used in providing customer services to those who will be covered under the plan and that discussions are ongoing with relevant service providers and regulators to provide the required technology.

She noted that sensitization is being undertaken through the print and the electronic media including the various social media platforms, adding that the commission has started discussions with the Central Bank of Nigeria and other relevant Government Agencies on extending coverage to the Small and Medium Scale Enterprises.

The Micro Pension Plan was introduced to extend coverage to the persons working in the informal sector and the self-employed

The Micro Pension Department has been established to drive implementation of the Plan Multi-channel Platform will be used in providing customer services to those who will be covered under the Plan.

Discussions are ongoing with relevant service providers and regulators to provide the required technology. Sensitization is being undertaken through the print and the electronic media including the various social media platforms.

The Commission has started discussions with the CBN and other relevant Government Agencies on extending coverage to the Small and Medium Scale Enterprises.

PTAD fully established to handle issues of FGN retirees exempted from the CPS.

There were 220,376 pensioners on payroll under the 4 Departments of PTAD with a monthly pension of N6.4 billion as at January 2016

The Commission has conducted the maiden examination of PTAD and report on findings were forwarded to the Honorable Minister of Finance for further necessary action.



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