Pension contribution adds N1684bn in 3 months

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Pension contribution adds N1684bn in 3 months
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The National Pension Commission (PENCOM) has disclosed that total pension contributions grew by N167.74 billion in the fourth quarter of 2020.

The fourth-quarter contribution, therefore, pushed the cumulative pension contributions received from both the public and private sectors from inception to N6.70 trillion at the end of 2020, up from the N6.54 trillion at the end of the third quarter of 2020, representing a growth of 2.45 percent in three months.

According to data obtained on Tuesday, of this sum contributed in the fourth quarter, the Public sector paid N86.93 billion while the private sector contributed the sum of N80.81 billion.

The report also noted that the aggregate total pension contributions of the public sector increased by 2.60 percent from N3.35 trillion as at the end of the third quarter, 2020 to N3.43 trillion as at the end of the reporting period.

While, the aggregate total pension contributions of the private sector on the other hand increased by 2.53 percent from N3.19 trillion recorded in Q3, 2020 to N3.27 trillion as at the end of the reporting period.

PenCom also revealed through Micro pension registration and contribution artisans paid in N89.68 million into their retirement savings account as at December 2020.

Out of the sum, N25,024,528.08 was contributed in the fourth quarter of 2020 alone.

According to the commission the contribution was made by 62,463 artisans who have opened retirement savings accounts with Pension Fund Administrators since it was created in March 2019.

Furthermore, PenCom data shows that the total value of pension fund assets as at December 2020 was N12.31 trillion, comprising of N8.51 trillion for the RSA ‘Active’ Funds, N962.66 billion for the RSA Retiree Fund.

Others are N1.56 trillion for the Closed Pension Fund Administrator (CPFA); and N1.27 trillion for the Approved Existing Schemes.

A collapse of the Pension Fund Assets shows Federal Government Securities (FGN) accounted for 66.07 percent of the total assets.

Distribution of the investment shows FGN Bonds account for 60.01 percent; Treasury Bills: 5.10 percent, Agency Bonds 0.09 percent Sukuk 0.76 percent, and Green Bonds 0.11 percent.

 

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