Pension assets hit N10.80trn as PFAs register 9,000 RSA holders in five months

Pension Fund Administrators (PFAs) registered 9,000 Retirement Saving Account (RSA) holders between January and May 2020, even as pension fund assets have soared to N10.80 trillion, Inspenonline can report.

Data obtained from the National Pension Commission (PenCom) revealed that RSA registration in January was 8.93 million and stood at 9.02 million in May, 2020.

The commission also reported that pension fund assets stood at N10.80 trillion in May, noting that N7.20 trillion of the assets, which is 66.74 per cent was invested in federal government securities.

PenCom’s Acting Director-General, Aisha Dahir-Umar, said pension fund managers have been very cautious about where they invest, stating that “Since the introduction of the Multi-Fund Structure that created four different funds, the investment of the funds has varied from one another. Fund 1 has a maximum limit of 30 percent, Fund II has a maximum of 25 percent and Fund IV allows maximum of five percent.