Pension Fund Assets Hit N9.7trn in October …PenCom Opens RSA Transfer Window June 2020
The President, Pension Fund Administrators of Nigeria (PenOP) Aderonke Adedeji, said the Pension Funds Assets Under Management has grown to N9.7 trillion as at October ending from N9.58 trillion recorded end of September.
Adedeji gave the figure while speaking to insurance and pension journalists at the 2019 PenOp Media Partners Seminar in Lagos at the weekend.
She expressed optimism that the fund will continue to grow giving the strategic initiatives put in place by the National Pension Commission of Nigeria (PenCom).
In his contributions at the event, the Managing Director, UBA Pension Custodian, Bayo Yusuf, said PenOp and PenCom has been working tirelessly in the last few weeks to ensure that the long awaited transfer window is opened.
RSA Transfer Window, a mechanism that allows contributors and retirees to move their Retirement Savings Account (RSA) to another PFA of their choice, in accordance with the Commission’s directives as enshrined in Section 13 and Section 106 subsection 1 to 4 of the Pension Reform Act 2004 as repealed by PRA 2014..
Meanwhile, PenCom said the pension fund assets stood at N9.58 trillion by the end of September 2019.
PenCom stated this in it summary of pension fund assets as at September 30, 2019, published on its website, adding that N6.84 trillion of the pension fund assets have been invested in Federal Government securities as at the end of the month under review.
According to PenCom, investments in FGN securities include: N4.48 trillion amounting to 46.71 per cent in Bonds; N2.26 trillion in Treasury Bills (23.62 per cent); N10.69 billion in Agency Bonds (NMRC & FMBN), (0.11 per cent); N80.53 billion in Sukuk (0.84 per cent) and N13.38 billion in Green bonds, (0.14 per cent).
PenCom noted that in line the the Multi-fund structure, Retirement Saving Account (RSA) Fund 1, N19.31 billion was invested; RSA Fund 11, N4.23 trillion; RSA Fund 111, N2.38 trillion and RSA Fund IV, N768.38 billion.
It stated that N492.08 billion, which was 5.13 per cent of the funds, was invested in domestic ordinary shares; while N65.14 billion, amounting to 0.68 per cent in foreign ordinary shares.
The pension industry regulator maintained that pension operators invested N125.24 billion (1.31 per cent) in State Government’s Securities; Corporate bonds got N572.42 billion (5.97 per cent); Corporate Infrastructure bonds, received N17.79 billion, (0.19 per cent); Corporate Green Bonds, N31.74 billion, (0.33 per cent); Supra-National Bonds got N4.03 billion (0.04 per cent); commercial papers, N123.28 billion (1.29 per cent); Banks, N951.28 (9.93 per cent).
Others are, Open/Close-end funds, N9.90 billion, (0.10 per cent); Reits, N11.91 billion, (0.12 per cent) Foreign Money Market Securities, N8.42 billion, (0.09 per cent); private equity fund, N32.05 billion, (0.33 per cent), Real Estate Properties, N231.48 billion, (2.42 per cent); infrastructure funds, N34.89 billion, (0.36 per cent) and cash & other assets, N26.47 billion, (0.28 per cent).
PenCom’s Acting Director-General, Aisha Dahir-Umar, had attributed the accumulation of over N9 trillion and other successes achieved since inception of implementation of the CPS to esteemed contributors.
She called on contributors to continue to contribute positively towards the success of the pension reform programme.
