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Pension Fund under CPS hits N14.27 trillion in June 2022

ByAdmin

Aug 22, 2022
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According to the National Pension Commission (PenCom) the value of pension fund assets as of June 2022 is N14.27 trillion as the number of contributors under the scheme hits 9,795,957 million.

The revelation was made in Lagos by the Director-General, PenCom, Mrs. Aisha Dahir-Umar, at a  workshop organized by the Commission for journalists covering the pension industry.

According to Dahir-Umar, who was represented by PenCom’s Head of Corporate Communications, Mr. Abdulqadir Dahiru, the Pension Fund Administrators (PFA’s) were recapitalized by PenCom because of the growing number of pension contributors and funds.

He further stated that “PenCom increased the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs from N1 billion to N5 billion in 2021.

It was reiterated at the Workshop with the theme “Increasing Informal Sector Participation In The Contributory Pension Scheme (CPS): The case for Micro Pension Plan (MPP)”.

The Director General noted that the workshop’s focus was in line with the Commission’s goal of increasing CPS coverage with regard to the micro pension plan.

The Director General indicated that the goal was to use the MPP to bring Nigerians who were self-employed and working in the informal sector into the CPS by utilizing strategic initiatives to advance the MPP position in the industry.

According to her, the MPP was designed to extend pension coverage to the informal sector, which includes small enterprises, performers, professionals, petty traders, artisans, and business owners.

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