Assets under the Contributory Pension Scheme (CPS) have hit N14.27tn as of the end of June, following an N842.73 billion rise in the first half of 2022.
Figures obtained from the National Pension Commission (PENCOM) on its Unaudited report on pension funds industry portfolio for the period ended 30 June 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds) have shown.
The data showed that N9tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills.
Other investment portfolios where the funds were invested include domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.
Pencom revealed that the total number of RSA holders stood at 9,795,957 during the period under review.
The Pension Reform Act, which led to the CPS, was inaugurated in 2004.
It provides a contributory arrangement in which the employer and employee contributions to the workers’ RSAs.
The funds which are kept by the Pension Fund Custodians are managed by the Pension Fund Administrators.