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Pension fund assets rise by N388bn in Q2 – PenCom

The National Pension Commission (PenCom) has announced that pension fund assets have surged by N388.98 billion to N14.27 trillion in the second quarter (Q2) 2022.…

The National Pension Commission (PenCom) has announced that pension fund assets have surged by N388.98 billion to N14.27 trillion in the second quarter (Q2) 2022.

The commission made the announcement in its second quarter 2022 pension sector report.

The report showed that pension assets rose quarterly by N388.98bn from N13.88trn recorded at the end of first quarter of 2022 to N14.27trn at the end of the second quarter of 2022

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PenCom also said that total contributions remitted into individual Retirement Savings Accounts (RSAs) stood at N238.75bn in the second quarter of 2022.

“Public sector accounted for N136.79bn or 57.29 per cent of the N238.75bn. In comparison, the private sector contributed N101.98bn or 42.71%. 

“Quarter-on-quarter, aggregate pension contributions of the public sector from inception increased from N4.02trn in Q1 2022 to N4.15trn at the end of Q2 2022. Similarly, the aggregate pension contributions of the private sector from inception increased from N3.76trn in Q1 of the year to N3.86trn at the end of Q2 2022.” 

PenCom added that a total of 14,821 holders successfully transferred their accounts with their associated pension managers to new ones in the second quarter of 2022

Similarly, the commission noted that the Contributory Pension Scheme (CBS) memberships increased by 362,547 year-on-year from 9.44 million in the second quarter of 2021 to 9.80m in the second quarter of 2022.”