Pension assets hit N5.3trn

The National Pension Commission (PenCom) on Friday said the pension funds has grown to N5.3 trillion.

L-R: Mr. Ehime Ehioma, Head, Investment and Supervision Department, PenCom; Mrs. Chinelo Anohu-Amazu; Director General, National Pension Commission, Mr. Mohammed Bello Umar; Head, Compliance and Enforcement, PenCom, Mr. Olulana Loyinmi, Head, Benefits and Insurance Department, PenCom, and Mr. Umar Mohammed, Head, Lagos Zonal Office, PenCom, at an interactive Session with Insurance, Pension and Labour Editors and Correspondents in Lagos

Mrs. Chinelo Anohu-Amazu, Director General, PenCom, disclosed this in Lagos during a media chat with members of Insurance, Pension and Labour Correspondents.

Anohu-Amazu, attributed the growth in the funds to the security fence built to protect it from being diverted into personal use by managers of the funds.

The DG, however, dismissed the insinuation that the funds was lying idle, noting that, the funds is invested in Federal Government bonds, among others lucrative investment windows, while such investments could be redeemed upon retirement of the beneficiaries.

She affirmed that the commission has never and will never prevent investing of pension assets into infrastructural development and other sectors, but that such investments must abide by the investment guidelines in the Pension Reform Act 2014.

Nobody denies anybody from accessing pension funds for investment, but the guideline must be strictly followed, and majority of those complaining of such denial have not complied with investment guidelines, she said.

Noting that the pension assets is a contribution of workers who have decided to save parts of their salaries as pension in a bid to enjoy these savings after retirement, the PenCom DG said such persons should not be denied their pension benefits when they demand for it, hence, the need to protect the growing pension assets.

While advising the subscribers to the Contributory Pension Scheme(CPS) to remain calm, she said the pension funds is well secured, adding that since inception, the funds is yet to record any form of embezzlement or financial mismanagement from the managers of the assets.