Under the Contributory Pension Scheme, administrators have invested N66.86 billion in infrastructure.
In the latest report titled ‘Unaudited report on pension funds industry portfolio for the period ending 31 July 2021: Approved schemes, closed pension fund administrators, and RSA funds,’ the National Pension Commission revealed this on Friday.
As of June, the total number of Retirement Savings Accounts was 9.4 million, according to PenCom.
In its updated investment regulation, the Commission emphasized the requirements for investing money in accordance with the provisions of the Pension Reform Act of 2014.
According to the regulation, PFAs must not contract out the investment/management of pension fund assets to third parties when performing their contractual obligations to contributors, with the exception of open/closed/hybrid funds and specialist investment funds, which are allowed under the regulation.
According to PenCom, PFAs must maintain a multi-fund structure as required by the rule governing the investment of RSA funds’ pension fund assets.
Source: Punch
