This is contained in the commission’s unaudited report on the pension funds industry portfolio for the period ended February 28, 2023.
The report provided information on the approved existing schemes, closed pension fund administrators and retirement savings account funds .The commission’s report showed that N9.98 trillion or 64.4 percent of the total funds were invested in federal government securities, comprising bonds and treasury bills.
Other investment portfolios where the funds were invested included domestic and foreign ordinary shares; real estate; corporate debt securities comprising corporate bonds; corporate infrastructure bonds; corporate green bonds, and supranational bonds. PenCom also said the number of retirement savings accounts stood at 9,919,281 as at February 28, 2023.The CPS is an arrangement where both the employer and the employee contribute towards the payment of the worker’s pension at retirement.
PenCom said it had implemented several reforms including the recovery of over N10 billion outstanding pension contribution, and the payment of outstanding pension liabilities.
PenComNig As seen along the Lagos Ibadan expressway. Credit: Naija PR
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