Pension Assets Rise By N10.7trn

Following the participation of one million workers into the Contributory Pension Scheme (CPS), the scheme has risen by N10.7trillion.

The Director General of the National Pension Commission (PenCom), Omolola Oloworaran made this known today reiterated that the pension assets rose by N10.7trn as one million workers joined the scheme in two years.

According to her, “the nation’s pension fund assets rose by over N10. 7trillion in the last two years, owing to increased contribution and rise in pension subscription by employers of labour.

“This is even as 938,229 Nigerians joined the scheme during the period.”

The apex pension regulatory body boss stated this during a State House briefing marking her second year in office, in Abuja yesterday, said, the regulator has further increased enforcement of Contributory Pension Scheme(CPS) in both public and private sectors, hence, the increase in assets.

According to her, “Pension assets have grown from N20.79 trillion to N31.48 trillion, more than N10.7 trillion in new retirement wealth, a fifty-one percent increase, in just two years.”

Stating that over N36 billion unremitted pension contributions were recovered from erring employers, Oloworaran attributed the growth to renewed confidence in CPS. “Let me say plainly what those numbers mean: confidence is back, she said, adding that, aggregate monthly pension payouts rose by 22 per cent from N12.2 billion to N14.9 billion every month.”

She said, the N32,000 monthly consequential adjustment also. added to the pension of every eligible retiree of treasury-funded ministries, departments and agencies (MDAs) who retired on or before 29th of July 2024. This development, she stressed, covers over 100,000 pensioners.

“NSITF pensioners who waited for 20 years for a review on pensions anchored on the N18,000 minimum wage of year 2000 now get N206,000 every month – an increase of more than 1000% with all arrears paid in full, ” she pointed out.

“Compliance has risen by twenty-eight percent. And recoveries of unremitted contributions have significantly increased: over thirty-six billion naira recovered in the last two years, against twenty-eight billion in all the years before,” she said.