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Pension assets rise to N7tn

The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year.

Figures obtained from the National Pension Commission revealed that the funds had continued to maintain a steady growth since inception of the scheme.

PenCom stated that the aggregate pension assets under the CPS grew from N4.61tn as of the end of December 2014 to N5.3tn in 2015.

Earlier in the year, the commission reviewed the regulations of investment of pension funds.

In the reviewed regulations, PenCom stated that the Pension Fund Administrators must offer the multi-fund structure for the Retirement Savings Account and that there would be a transition period of six months, effective from the commencement date of the multi-fund structure for all the PFAs to restructure their respective portfolios.

It stated, “The multi-fund structure shall comprise Fund I, Fund II, Fund III, and Fund IV (retiree fund). Funds I, II, III, and IV shall however differ among themselves, according to their overall exposure to variable income instruments.”

The commission said the exposure to variable income instruments was defined as the sum of a PFA’s investments in ordinary shares and participation units of open close-ended and hybrid funds; real estate investment trust; infrastructure funds; and private equity funds comprising its current holdings and any future financial commitments to the acquisition of participation units in the funds.