Percentage of young RSA holders favours long-term investments

Chuks Udo Okonta

Leave a comment 

The National Pension Commission (PenCom) has said the number of young Retirement Savings Account (RSA) which stands at about 80 per cent, supports the injection of the pension funds into long-term investible instruments like infrastructure products.   

PenCom in a recent report, said an age distribution of RSA holders revealed that the largest proportion  of RSA holders are very young as almost 80 per cent of the members were below 50 years and 51 per cent of the members were below the age of 40 years.

The commission maintained that the demography of the scheme favours putting pension funds in long-term investible instruments like infrastructure products, which can be used for the yawing gaps identified in the nation’s quest for economic development.

 The report indicated that 39.41 per cent of the contributors were between (30 to 39) years, while 26.48 per cent are between (40 to 49); 17 per cent (50 to 59); 11.69 per cent, (less than 30); 4.06 per cent, (60 to 69) and 1.12 per cent above 65.