PenCom puts contributory pension scheme at N17 trillion

The National Pension Commission (PenCom) has revealed that the Contributory Pension Scheme has hit N17.7 trillion as of the end of July 2023.The Pension management body said the pension asset increased by about 1.8 per cent from N16.76 trillion the fund was as of the end June.

According to its monthly data for July 2023, the total pension fund net asset value rose to N17 trillion in June compared to N16.7 trillion in May. The commission stated that pension funds allocated N1.8 trillion to corporate debt securities and N1.58 trillion to money market instruments while investments in ordinary shares of local companies rose to N1.338 trillion from N1.268 trillion in June.

Portfolio allocation to the Federal Government of Nigeria Securities was N10.8 trillion in June or 64.6 per cent of total Net Asset Values (NAVs) and Fund II, which is the default RSA Fund under the Multi-Fund Structure maintained the largest share of the Active RSA Funds allocation with N7.3 trillion or 43 per cent of the total fund NAV.

This shows that investment in FGN securities continues to dominate portfolio allocation with about N11 trillion or 64.7 per cent of total net asset value. Also, the Retirement Saving Account holders in July 2023 rose to 10, 025,314 from 10, 009,049 in June 2023.