Pension assets grows to N17.07tr
By Patience Ikpeme
National Pension Commission (PenCom) has disclosed that pension assets have recorded a N2.08 trillion increase bringing the total value of pension assets to N17.07 trillion.
This disclosure was made by the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, at a conference organized by the Commission for Civil Society Organizations (CSOs) in Abuja.
Mrs. Aisha Dahir-Umar stated that as at July 2023, the assets grew to N17.07 trillion, from the end of 2022’s N14.99 trillion.
Speaking on the need for continued interaction and information flow between PenCom and CSOs, she stated that despite economic challenges, there have been significant growth in the pension industry this year.
The pension industry she said has shown significant growth, with over 10 million Retirement Savings Account (RSA) holders secured under the Contributory Pension Scheme (CPS).
Aisha Dahir-Umar further stated that despite this level of increase, the industry still holds growth potential, particularly as more Nano, Micro, Small and Medium Entreprises (NMSMEs) join the CPS through the Micro Pension Plan (MPP).
“The MPPs key objective is to curb old-age poverty by enabling participants to contribute during their working years. The MPP fosters long-term savings to provide financial security during retirement” she said.
She further stated that “the commission actively supports Pension Fund Administrators (PFAs) in devising incentives such as health insurance for MPP participants”.
