The total pension assets under the Contributory Pension Scheme (CPS) as at 31 August 2019 is N9.6 trillion.
This was disclosed by the Head of Corporate Communications of National Pension Commission (PenCom), Mr. Peter Aghahowa, during the 2019 Annual Conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos.
The consistent rise of total pension assets under the Contributory Pension Scheme (CPS) is mostly due to Investment income because most States and Federal Government are not remitting monthly pension contributions of their workers as at and when due.
Mr Aghahowa added that, the Micro Pension Plan, recently launched by President Muhammadu Buhari, would in the near future, be instrumental to significant growth in the pension assets. The micro pension plan will ensure that the informal sector is adequately captured in the financial inclusion strategy of the federal government of which the commission keys into.
We will share the breakdown of the places where the pension funds were invested as at 31 August 2019 once the full report is released by National Pension Commission (PenCom).