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Nigeria’s pension fund assets hit N8.5tr

The Contributory Pension Scheme (CPS) has accumulated up to N8.50 trillion pension fund assets as at November 2018, Acting Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar has said. She spoke while receiving the Outstanding Regulator of the Year 2018 Award at the Independent Newspapers Limited, publishers of Daily Independent Newspapers award ceremony in Lagos. The Commission was extolled for its strides in implementing the CPS and moving pension administration to new heights. Mrs Dahir-Umar said under her stewardship, public confidence and acceptability of the CPS soared and membership grown to 8.41 million contributors as at December last year. She said a total of 260,808 retirees are also receiving monthly pensions regularly. According to her, the Commission has witnessed innovations such as pension Enhancement for retirees under the Programmed Withdrawal, the Multi Fund Structure amongst others. She said the Commission is poised to bring the informal sector into theCPS, through the Micro Pension Plan. The plan avails pension services to self-employed persons and persons working in organisations with less than three employees. She expressed delight that the award is in recognition of PenCom’s relentless pursuit of excellence in regulating the pension industry. She was represented at the event by the Commission’s Secretary /Legal Adviser Mr. Muhammad Sani Muhammed; and Head, Corporate Communications Department, Mr. Peter Aghahowa and Principal Manager, Southwest Zonal Office, Mr. Akinsola Adeseun