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8.41m Workers Join New Pension Scheme



No fewer than 8.41 million workers from both public and private sectors  have now  joined the new pension scheme known as the Contributory Pension Scheme(CPS).

A recent data released by the National Pension Commission(PenCom) recently showed that, of this number, public sector has 3.6 million workers registered under the scheme, while 4.8 million workers have equally joined the new pension scheme.

Further breakdown showed that from this registered pension contributors, 5.9 million of them are males, while 2.4 million were female workers.

The new pension scheme has  continued to attract new contributors on a regular basis from both the private and public sectors and contributions from them has increased the pension assets to N8.45 billion as at the end of October 2018.

The fund rose from N8.34 trillion as at the end of September, 2018 to N8.45 trillion as at the end of October, 2018, gaining over N90 billion in the process.

The fund is growing despite the fact that state governments are still owing pension arrears in excess of N200 billion, while the federal government is equally defaulting in payment of pension entitlement of its workers.

However, the private sector players seem to be the major force that is growing the pension assets as more firms from the sector keep  joining the new pension scheme on a regular basis.

More so, findings by our correspondent attributed the growth in pension fund to new contributions received, interest/ coupon from fixed income securities and net realised/ unrealised gains on equities and mutual fund investments.

With the Retirement Savings Account(RSA) Fund now divided into mutifund structure, that is, from Fund 1 to Fund 4, it reflects in the structure of the pension fund as at October 2018, with N6.55 trillion now in RSA Fund one, while RSA Fund two has N3.75 trillion in its kitty. A sum of N2 trillion was in Fund three, even as Fund four has N654.2billion.