PenCom Records N16.73trn Pension Asset by Q3 2023

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The National Pension Commission (PenCom) said as at the end of the third quarter of 2023, the number of Retirement Savings Accounts (RSAs) under its Contributory Pension Scheme (CPS) stood at 10 million and the size of the pension Asset Under the current Management amounted to N16.76 trillion.

The Director General of the National Pension Commission (PenCom), Aisha Dahir-Umar who was represented by the Commissioner, of Administration, Dr Umar Farouk Aminu, made this known at an interactive session on the CPS for the organised private sector held in Kano.

She said the commission has continued to record giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones as it accords priority in the deployment of the Enhanced Contributors Registration System (ECRS) for the pension industry.

“The pension industry is one of the fastest-growing financial sectors in Nigeria. The Commission has introduced the Data Recapture Exercise (DRE), which mandatorily requires all RSA holders who joined the CPS before the 1st of July 2019 to update their information with their respective Pension Fund Administrators (PFAs).”