Status of Contributory Pension Assets as at 28 February 2021

June 8, 2021September 18, 2022 PensionNigeria

Contributory Pension Assets decreased by approximately N51.28 billion in February 2021 compared to a decrease of N6.93 billion in January 2021.

The total assets under the Contributory Pension Scheme decreased to approximately N12.25 trillion as at the end of February 2021 compared to the N12.30 trillion as at the end of January 2021.

The Top 7 places pension funds were invested as at February 2021 are;

FGN Securities N8.13 trillion (66.40%)
Local Money Market Securities N1.62 trillion (13.25%)
Corporate Debt Securities N870 billion (7.11%)
Domestic Ordinary Shares N857 billion (6.99%)
Mutual Funds N159 billion (1.30%)
Real Estate Properties N158 billion (1.29%)
Cash & Other Assets N122 billion (0.99%)

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Below is the full report on the Status of Contributory Pension Assets as at end of February 2021.

PenCom noted that the decrease in February was mainly attributed to the depreciation in the prices of Fixed Income Securities (FISs) in the trading portfolios of the Approved Existing Schemes (AES), RSA Funds II & IV and Closed Pension Fund Administrators (CPFA), thereby creating unrealized losses on Marked to Market FISs. PenCom further said that the values of the bonds in the trading portfolios fluctuate based on supply and demand of the underlying securities as well as the outlook of the financial market.

Definition of Terms:

EXISTING SCHEMES: Approved Existing Schemes are Pension schemes existing prior to the introduction of the Contributory Pension Scheme (CPS) in June, 2004 and were approved to continue as AES. Membership of this fund is restricted to employees of that specific organization.

CPFAs: These are Pension schemes in the private sector existing prior to the introduction of CPS and were licensed to operate as Closed Pension Fund Administrators and membership of this fund is restricted to employees of that specific organization.

RSA FUND I: Retirement Savings Account Fund I (An Active Contributor who is below 50 yrs of age and chooses for his contribution to be invested in this fund).

RSA FUND II: Retirement Savings Account Fund II (default fund for all Active Contributors who are below 50 yrs of age).

RSA FUND III: Retirement Savings Account Fund III (default fund for all Active Contributors who are 50 yrs and above).

RSA FUND IV: Retirement Savings Account Fund IV (Fund for Retirees only).

RSA FUND V: Micro Pension Fund is for the informal sector and employees of organizations with less than 3 employees.

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