PenCom Targets Over N22trn Pension Assets By Year-End
7 months ago 3 min read
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The National Pension Commission has disclosed that the total pension fund assets under the Contributory Pension Scheme rose to N21.92tn as of October 2024.
This achievement, attributed to contributions from 10.53 million registered participants, is expected to surpass N22tn by the end of the year.
The disclosure was made by PenCom’s Director General, Ms. Omolola Oloworaran, during the 2024 PenCom Media conference held in Abuja on Thursday.
She highlighted the Commission’s commitment to safeguarding contributor savings through prudent management and sustainable growth practices.
She said, “As of October 2024, the CPS has recorded 10.53 million registered contributors and boasts pension fund assets of N21.92tn. These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth.
“However, the economic realities of 2024 and preceding years present unique challenges. High inflation, the devaluation of the Naira, and the lingering effects of unorthodox monetary policies have eroded the real value of pension funds, impacting contributors’ purchasing power.
“To address these challenges, PenCom has initiated a comprehensive review of the Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency denominated investments. Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility.”
Factors such as persistent inflation, naira devaluation, and the lingering effects of unorthodox monetary policies have eroded contributors’ purchasing power.
She said that expanding pension coverage remains a top priority for the Commission, adding that the Commission has revamped Micro Pension Plan and leveraged technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement.
This initiative, she added, aligns with Pencom’s vision of inclusive growth and financial security for all.
She added, “We are also addressing delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs.
“Recently, N44bn was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.”
On the outlook for 2025, the PenCom DG said the Commission would integrate technology into every aspect of the pension industry.
Oloworaran said, “As we integrate technology into every facet of the pension industry, we are shaping a future where the CPS becomes more accessible, reliable, and sustainable. However, this transformation requires your unwavering support as media practitioners. Your role in amplifying our efforts and enlightening stakeholders across Nigeria is crucial.
“Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement.
“I extend my heartfelt gratitude to you, our esteemed media partners, for your dedication to enlightening Nigerians about the CPS. Your collaboration is indispensable to our mission of securing the future of millions.”
