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| Yola |
Chuks Udo Okonta
The monthly income flow into the Contributory Pension Scheme (CPS) has been
put at N40 billion ($250 million).
Inspen gathered that contributors are likely to inject about N500 billion
into the pension fund this year.
Chairman Pension Fund Operators of Nigeria (PenOp), Misbahu Yola, said the
annual projection stands at 25 per cent and that due to exit of some workers
from their employments, the projection income for 2014 should be about N500
billion.
He said integrating the informal sector into the
scheme, though a challenge, will improve pension funds greatly, adding that National
Pension Commission (PenCom), is working out means of getting people on board.
“It is not easy because so many things are not in
place. Even the identity issue is a thing that would hinder the smooth take off
of the informal sector,” he added.
He said the number of contributors, will continue
to grow as more people embrace the scheme.
Head, Research and Corporate Strategy Department PenCom, Dr Farouk Aminu, said
as at May, there are about 6.07 million Retirement Savings Account (RSA)
holders registered in the industry and that the sector has grown it assets to
N4.3 trillion as at the end of April, which is closely about $27 billion.
Farouk said about 63 per cent of the assets belong to the private sector,
stressing that though the public sector has more subscribers, the private
sector has more funds due to salary disparities.
He said the statistics available to the commission show that about 65 per
cent of the registered RSAs are under
41 years, an indication that they will still be making contributions in the
next 20 years. He added that this shows that there is great prospect for the
industry.
He noted that the industry has almost brought in
all Federal Government workers in the scheme, adding that the focus now is on
states and private sector. He added that only seven states are fully
contributing as at present, while 22 have passed their bills and one is yet to
do anything.
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