The National Pension Commission (PenCom) has said that about N29 billion was injected into the pension fund assets from January to February 2020,
According to the commission the pension fund assets rose by N29 billion to stand at N10.51 trillion by February from
N10.22 trillion as at December 31, 2019.
The total Retirement Saving Account (RSA) fund increased from N7.85 trillion in December 2019 to N8.08 trillion in February 2020, indicating a growth of N23 billion.
The commission added that investment federal government’s securities depreciated by N25 billion, sliding from N7.34 trillion in December 2019 to N7.09 trillion in February 2020 and amounts put into bank placement moved up by N42 billion, from N1.06 trillion to N1.48 within the period.
The pension industry regulator posited that Pension Fund Managers (PFM) had invested N7.77 million contributed by micro pension subscribers as at February 29, 2020 in Federal Government’s treasury bills and bank placement.
Giving a breakdown of how the 7.77 million fund were invested, PenCom said N3.10 million of the micro pension fund was invested in Federal Government treasury bills while N3.75 million went into bank placement.
Also the commission disclosed that the Micro Pension Plan in the period under review recorded 28,000 subscribers as at October 2019.
