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PenCom: Pension Assets Now N18tn as Retirees Reap N3tn Benefits Since 2004

The National Pension Commission (PenCom) says pension assets under management in Nigeria came to N17.65 trillion as at October 31, 2023 under the new Contributory Pension Scheme (CPS) regime.

Mr. Ehimeme Ohioma, Head, Surveillance Department at PenCom said at the 2023 annual media parley of the Pension Fund Operators Association of Nigeria (PenOp) in Lagos that retirees have equally reaped over N2.7 trillion in terms of benefits to over 1, 268, 440 contributors since the inception of the CPS in 2004. He added that the sum of N13 billion has so far being disbursed to 1, 183 pension contributors under the mortgage support scheme to enable such contributors to either purchase or build their own homes.

In terms of the transfer window, Ohioma stated that a total of 78, 336 Retirement Savings Account (RSA) holders have moved from one Pension Fund Administrator (PFA) to another to the tune of N356 billion in monetary terms.

The pension regulator has also recovered over N248 billion of outstanding pension contributions as at the third quarter of 2023.

Mr. Olumide Oyetan, the President of PenOp commended all stakeholders in the CPS ecosystem for 20 years of doing it right for retirees, operators and the regulator.

Oyetan, who is also the Chief Executive Officer (CEO) of Stanbic IBTC Pension Managers Limited said:

“We need to commend what we have done right since the inception of the CPS in 2004. So far, more than 10 million Nigerians have been covered by the new pension scheme, which funds itself and does not place any burden on the country. The CPS has national safeguards, in-built transparency mechanisms to the extent that no money or pension funds have disappeared into thin air. We should be custodians and guardians of the new pension ecosystem.”

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