Pension Fund Assets Hit N8.63tn

The acting Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said total pension fund assets have grown to N8.63 trillion as at December 2018.

She disclosed this at the public hearing of the House of Representatives Ad-hoc Committee in Abuja.

The committee is mandated to investigate activities of PenCom and alleged violation of Acts establishing it.

Dahir-Umar said the fund had an average monthly contribution of N29.15 billion, while the total pension assets were equivalent to 7.40 per cent of the Nigerian rebased GDP.

She said that the pool of pension funds generated by the Contributory Pension Scheme had aided the deepening of Nigeria’s financial sector.

The PenCom boss said that the fund had also provided a platform for attaining strategic programmes of government in the areas of infrastructure, housing and the development of the real sector of the economy.

She said that the number of registered contributors grew to 8.41 million as of December 2018.

According to her, this figure represents about 12.09 per cent of Nigeria’s working population and 4.29 per cent of total Nigeria population.

She said that the Contributory Pension Scheme had simplified the process of payment of retirement benefits through the issuance of effective regulations and guidelines for accessing such benefits.

Dahir-Umar also disclosed that 260,808 persons had retired under the Scheme as of December 2018 and were currently receiving pensions as and when due with an average monthly pension payment of N10.18 billion.

“The pension reform has gained public confidence and acceptability within the short period of its implementation.