Pension Assets hit N8.23 trillion …..As 312, 291 workers join CPS in six months
Acting Director General of National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar,
Pension Assets under the Contributory Pension Scheme (CPS) have increased from N7.52 trillion in December 2017 to N8.23 trillion in June 2018.
The Acting Director General of National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, who disclosed this during at 3rd annual conference of the National Association of Insurance and Pension Correspondents (NAIPCO), in Lagos on Thursday, said the increase is attributed to new contributions received, interest/ coupon from fixed income securities and net realised/unrealised gains on equities and mutual fund investments.
The PenCom boss, who was represented by Lana Loyinmi, Head, Contributions Bond Redemption Department, PenCom, said the number of contributors had also grown from 7.89 million in December 2017 to 8.14 million in June 2018 as a total of 312, 291 employees joined the pension scheme during the first six months of the current year.
Umar, who spoke briefly in recent developments in the sector, also pointed out that as part of efforts to enhance the monthly pension of retirees under the scheme, the commission, initiated the Person Enhancement Programme.
She said: “It was discovered that the returns being generated by the PFAs on the balances of RSAs of majority of retirees could be used to enhance their monthly pensions.”
Consequently, she added that the commission sought for and obtained the approval of the Secretary to the Government of the Federation to implement the pension enhancement programme, which resulted in increased monthly pensions for most retirees receiving pension under the programmed withdrawal arrangement.
She said the implementation of the pension enhancement was one of the significant milestones attained since the commencement of the CPS, stressing that, it confirmed that CPS had workable internal mechanisms to respond to legitimate demands of retirees as they seek a reasonable retirement income.
L-R: Mr. Eric Fajemisin, MD/ Chief Executive, Stanbic IBTC Pension Managers Ltd; Mr. Fatai Adegbenro, Executive Secretary/CEO, Nigerian Council of Registered Insurance Brokers, and Mr, Jide Orimolade, MD/ Chief Executive, Law Union & Rock Insurance Plc, during the 3rd Annual National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) on The Role of Stakeholders in Developing Insurance and Pension Sectors held in Lagos on Thursday. August 09, 2018.
L-R: Mr. George Onekhena, Deputy Commissioner, Finance and Administration, NAICOM; Mrs. Yetunde Ilori, Director General, Nigeria Insurers Association; Alhaji Bala Zakariya’u, past president, Chartered Insurance Institute of Nigeria and Chairman of occasion, and Mr Adebayo Adeleke, Managing Director, Lancelot Ventures Ltd, during the 3rd Annual National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) on The Role of Stakeholders in Developing Insurance and Pension Sectors held in Lagos on Thursday. August 09, 2018.
L-R: Mr, Jide Orimolade, MD/ Chief Executive, Law Union & Rock Insurance Plc, and Mr. Moruf Apampa, Managing Director/CEO, SUNU Assurance Plc, and Alhaji Bala Zakariya’u, past president, Chartered Insurance Institute of Nigeria and Chairman of occasion at the event.
