Acting Director-General, PenCom, Aisha Dahir-Umar. | Image Courtsey: Nairametrics

The latest figure from the National Pension Commission (PenCom) on Thursday has shown that total assets under the Contributory Pension Scheme (CPS) have continued to record a constant rise.

The data revealed that the fund rose to N9.32 trillion as of the end of June 2019, compared to N8.33 trillion it was as of the end of August 2018.

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According to the report, 69.5 percent of the assets were invested in the FGN securities.

The Pension Reform Act, which introduced the CPS, was inaugurated in 2004 and it provides a contributory arrangement in which the employer and employee contribute to the workers’ RSAs.

However, the CPS was only been made available to the formal sector since inception until the Federal Government officially extended it to the informal sector in March 2019.

The acting Director-General, PenCom, Aisha Dahir-Umar, said the micro pension plan targeted the majority of Nigeria’s working population who, incidentally, operated in the informal sector.

The President, Pension Fund Operators, Aderonke Adedeji, said it was important for the informal sector workers to key into the micro pension scheme.

She noted that the industry had invested a lot to ensure that all workers, including those in the informal sector, had pensions to fall back on in their old age.