Nigeria's Contributory Pension Assets Jump To N8.33tn
File: Money

The assets under the Contributory Pension Scheme increased N100bn from N8.23tn in June to N8.33tn August 2018.

This was revealed by the acting Director General of the National Pension Commission (Pencom) Aisha Dahir-Umar.

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Dahir-Umar noted this in Calabar, Cross Rivers State in a retreat by the Pension Funds Operators Association of Nigeria for the Senate and House of Representatives Joint Committee on Establishment and Public Service, and Pension.

She said that “It is now 14 years since the introduction of the CPS and I am pleased to note that appreciable progress has been made.

“As of August 2018, the pension industry membership had grown to 8.31 million participants, while the size of the pension fund assets stood at N8.33tn.

“The number of retirees receiving benefits under the CPS as of August 2018 was 245,657.

“Out of that number, 189,308 retirees are on programmed withdrawal and 56,349 have opted for annuity.

“In the same vein, death benefits had been paid to 52,468 beneficiaries.”