Pension Assets Hit N1.5T In 2009

ABUJA, Nov 28, (THEWILL) - Pension Assets in the country hit an all time high of N1.5 trillion as at December 2009, even as plans are underway by the National Pension Commission (PenCom) to introduce multi-funds and allow foreign investments buy into pension funds in the country, THEWILL has learnt.

A glimpse at the just released 2009 Annual Report of the commission by the THEWILL indicated that the total assets of the fund as at December 2009 stood at N1.5 trillion compared to N1 trillion in 2008.

According to the report, the current pension fund assets are invested in local ordinary shares, Federal Government Securities, State government securities, corporate department securities and local money market instruments among others.

The Report also states that average monthly contribution by workers into Retirement Saving Account (RSA) inched from N15 billion in 2008 to N19 billion due to the increase in the number of private sector organizations that commenced implementation of Contributory Pension Scheme in 2009.

Also, Public sector’s monthly average contributions stood at N11.43 billion as against N8.27 billion in 2008, showing an increase of 38.17 percent just as private sector’s monthly average contribution was N7.60 billion in 2008, showing an increase of 12.93 percent.

The report also revealed that N351 million was paid to 3,123 from the private sector, while N41.88 million was paid to 51 foreigners who disengaged from their various points of employment.