Pension Assets Rise By N1.7trn In H1

The nation’s pension fund assets rose significantly, in the first half of 2023, precisely, by N1.7 trillion from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.

This is even as 146,920 new pension contributors joined the scheme in the first half of 2023.

The director general, National Pension Commission(PenCom), Aisha Dahir-Umar, made the disclosure at the 2023 Journalists’ Conference, in Lagos yesterday.

Dahir-Umar, who was represented by the head, Corporate Communications of the commission, Abdulqadir Dahiru, noted that, pension fund membership had also increased by 146,920 new contributors, from 9.86 million members as of the end of 2022 to over 10 million members as of June 2023.

Dahir-Umar also disclosed that the commission has created a new department to address contributors’ complaints in a bid to further enhance better and seamless pension service delivery.

The creation of the Consumer Protection Department (CPD), she said, underscores PenCom’s determination to prioritise service delivery and provide Retirement Savings Account(RSA) holders with the care and attention they rightfully deserve.

PenCom’s proactive regulatory approach, she stressed, “has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

“The CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.”

The DG appealed to employers of labour to embrace the spirit of contributory pension scheme that can pave way to smooth and enjoyable retirement after active service life.