It appears that are days of enjoyment waiting Nigerian pensioners and the stories of months of wait pay will be over. The pension fund in Nigeria is real growing.

There is something that the Director-General (DG) of Pension Commission Aisha Dahir-Umar, wants you to know. It is about the pensioners money that is now available.

He says the Pension Fund Assets under Management (AuM) increased by ₦568.33 billion from ₦14.42 trillion as at September 30 to ₦14.99 trillion as at December 31, 2022.

The DG gave the figures at the Commission’s fourth quarter 2022 report released on March 2, 2023.

You see, with this amount in place, your pension or that of your parents will not tarry.

According to the PenCom DG, the report gives full details of strategic activities embarked on by the agency, in order to promptly pay retirement benefits.

It also provides stakeholders and the public with information on the efforts aimed at promoting a vibrant and sustainable pension industry.

Laudable Growth

He believes that this way, the industry will positively impacts the economy.

The DG explained thus: “The growth during the quarter under review is a laudable performance that points to the fact that the industry will continue to deliver value and benefit to its stakeholders and the nation’s economy.

“During the reporting period, the Commission stepped up its efforts to ensure sustainable investment by pension funds in alternative asset classes and structured infrastructure projects that meet the strict requirements of the Pension Fund Investments Regulation.

“We continued our efforts to ensure further diversification of investments in pension fund portfolio assets.

“While rising inflation continues to challenge the economy, it should be noted that efforts are being made to ensure average annual pension fund returns for RSA and legacy funds exceed headline inflation.

“This significant achievement in the  pension industry would not have been possible without the right people, strategy, culture and governance structure to support delivering consistent and sustainable value to stakeholders.

“We reiterate our unwavering commitment to meeting the needs of our stakeholders, providing best practice in pension regulation and supervision in Nigeria.”

Pension Contribution

Also, the PenCom boss said the total pension contributions remitted to individual RSAs in Q4 2022 stood at ₦237.24 billion.

“Out of this total, the public sector accounted for ₦129.06 billion or 54.40%, while the private sector contributed ₦108.18 billion or 45.6%.

“The cumulative pension contributions from inception to the end of the fourth quarter of 2022 amounted to ₦8.47 trillion, which is an increase from ₦8.23 trillion as at the end of Q3 2022.

Contribution To RSA

“The aggregate pension contributions of the public sector increased from ₦4.27 trillion in Q3 2022 to ₦4.40 trillion as at the end of Q4 2022.

“Similarly, the aggregate pension contributions of the private sector also increased from ₦3.96 trillion in Q3,” she added.

Read more @IbrandTV