Up till September 30, 2020 timeline, the contributory pension scheme CPS has pooled total pension assets of N11.57 tr with of N2.01 tr invested in local money market, the National Pension Commission (PenCom), periodic release stated.
PenCom disclose which included the summary of pension funds portfolio for the period up and until September 30, 2020, noted that N1.75 tr was invested in bank placements and N262.01bn in commercial papers.
Further information from statement on the Commission website stated that Retirement Savings Account (RSA) registration within the period rose to 9.15 million.
PenCom further breakdown showed that N7.55 trillion of the pension assets was invested in federal government securities, while N6.64 tr was invested in bonds; N780.57 bn was invested in treasury bills; N10.61 bn in agencies bonds; N107.58 bn in sukuk and N13.05 bn in green bonds.
The investment of pension funds also made a landing at state government securities with an uptick of N150.33 bn; the investment trail continued with N585.77 bn in domestic ordinary shares; N76.45 bn in foreign ordinary shares; N17.64 bn in foreign money market securities and N54.57 bn in infrastructure.
In another development, the Federal government has improved its accrued rights obligation by the release of N11.82tr for retirees of treasury funded ministries, departments and agencies under the contributory pension scheme.
The head of corporate communications PenCom, Peter Aghahowa, who disclosed this said, “Accrued rights represent benefits for employees of treasury funded MDA’s who worked up to June 2004, when the Pension Reform Act was introduced”.
Aghahowa conveyed PenCom thumb up for the intervention saying, “The commission appreciates the effort of the Federal government at ensuring that the accrued rights arrears are cleared.”