Pension assets hit N2.94 tr

Pension assets hit N2.94 tr

Chuks Udo Okonta

Pension contributions stood at N2.94 trillion as at September, the Director-General National Pension Commission (PenCom) Mohammad Ahmad, has said.
He disclosed this today, at a workshop organised for journalists in Abuja, adding that 5.28 million subscribers had registered within the same period.
He noted that 54,558 retirees from public and private sectors have collected over N151.52 billion amounnting to N1.77 billion monthly.
He said: "The industry has continued to advanced in its modest achievements as 5.28 million Nigerians had registered on the scheme as at September this year. There are currently about 54,558 retirees from the public and private sectors under the contributory pension scheme that have collected over N151.52 billion as lump sum and are collecting about N1.77 billion as monthly pension."
He said the commission has continued with its regulatory and supervisory philosophy, which is risk-based and consultative, adding that investment regulation that would allow multiple fund is being reviewed.
Ahmad said the Retirement Savings Account (RSA) transfer clearing system application that would be used to coordinate the processes relating to the transfer of retirement savings accounts is being developed and tested to ensure that it meets the capacity and robustness required.
"As part of the implimentation of the opening the transfer window, the Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) who are key stakeholders on the pensions industry will participate in the various workshops geared towards ensuring their full understanding and participation in the transfer process, before the window opens. The estimated date for the opening of the transfer window is December, 2012," he said.
Ahmad noted that the commission would continue to collaborate and engage state governments in the implimentaion of the scheme in the states.
Head, Research and Corporate Strategy PenCom, Dr Farouk Aminu, said lack of adequate knowledge about the working of the scheme, multiple registration, lack of clear identification of RSA holders among others are the bane of the industry.