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Tuesday, 31 July 2018

Nigeria's Pension Fund Assets Increases To N8.14 Trillion, Was N7.52 Trillion In 2017

A pension fund is an investment product into which scheme members pay contributions in order to build up a lump sum to provide an income in retirement. The Government also pays back the income tax deducted from these contributions.
In many cases, this is topped up with contributions from the scheme member’s employer.

Nigeria's National Pension Commission said that the total pension fund assets stood at N8.14trn as at May, 2018. PenCom in a statement signed by its spokesman, Mr. Peter Aghahowa, on Sunday said the assets rose from N7.52trn in December 2017, to N8.14trn in May 2018.

The commission said,”the pension assets as at December 2017 stood at N7.52trn, it moved up to N7.8 trillion as at February and soared to N7.94trn in March, then to N8.14trn in May.”
It also posited that N5.2trn has been invested in Federal Government Securities by the Pension Fund Administrators.

GUYS, THIS IS A GOOD NEWS TO PENSIONERS
WHAT DO YOU THINK?

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FACEBOOK COMMENTS

Yemisi Frank

NICE BUT POLICE RETIREES RECENTLY COMPLAINED ABOUT PENCOM mismanaging their funds

Endy Edeson

@Yemisi: Yeah, It was alleged that PENCOM want to use, for their investment, the money the pensioners suffered to save compulsorily during their service year and which they hoped to enjoy immediately after they retire. But Pension havent respond as at this time.

The retired police officers said that while none of them, including those who had retired since last year, were yet to be paid any money from their contributory pension scheme, the PENCOM had decided to reduce by half the lump sum it ought to pay them.

Atoyebi Abass Akinloye

I learnt that politicians are benefiting from the money is like they borrow from it, I mean political office holder.

Endy Edeson

@Abass: That would be detrimental for them if done wrongly except through investments

Oginni Samuel Oluwaseun

Retirement money is always invested in companies, if the investment fails. Problem go happen

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