Nigeria’s contributory pension industry has accumulated assets worth over N9.4 trillion as at August 2019. This was disclosed by the Acting Director-General of the National Pension Commission (PenCom), Aisha Dahir-Umar, at the 7th Conference for directors of pension operators held In Abuja yesterday. The latest growth recorded in pension assets translates a growth of N700 billion in seven months from the N8.74 trillion recorded in January 2015 to N9.4 trillion as at August.

“The pension industry in Nigeria is leading the initiative for the attainment of one of our critical national imperative for socio-economic development, which is the formation of long term domestic capital. These pension assets are overwhelmingly invested in the national economy, with positive impact in all major sectors and a significant contribution to the GDP,” Dahir-Umar told the directors. The PenCom boss called the attention of the directors to the clamour for deployment of pension funds to support several new initiatives in both the public and private sectors. She said such clamours were inappropriately pursued by proponents as the Pension Reform Act 2014 only empowers PenCom to issue regulations on investment of pension funds and assets to guide the investment activities of the licensed operators.

“The law does not allow the regulator to approve any specific instrument for mandatory investment by operators. Regrettably, the Commission is increasingly being inundated with requests for clearance of several business proposals to enable Pension Fund Administrators finance the initiatives with pension fund,” she said.

Read more: https://www.dailytrust.com.ng/pension-assets-hit-n9-4trn-in-august-pencom-says.html

Maina

Great. Ideally that's idle funds that could be invested in a way to spur economic development

These are beautiful policies and programs initiated by His Excellency Olusegun Aremu Obasanjo, people that have ideas upstairs... up till today, I can't figure out why people are shouting BUHARI BUHARI up and down...he's no different from an average Nigeria politician, He has just sent a request for approval of 10billion naira for kogi state to repay them for federal govt projects they executed.. kogi state executed fed govt projects How, when, where? They want to rig/buy votes in kogi election. I pity those that will be killed that day

70% fund is with government

If we have such huge amount, why then is our daddies not getting paid their pensions or am i missing something

If they have this much money, why are they still refusing to pay retired police officers their pension?

My mum retired since July last year and she has still not been paid, no insurance payment, no pension payment, nothing.

I'm concerned about what they'll do with the money

Good

That's a good one.

Do you need a professional logo?... Dm me on whatsapp. Check my designs and my number in the link in my signature. You will be amazed

I hope they invest it to meaningful sector of the economy

Ate you paying Pensioners as at when due

Luciferlove:
If we have such huge amount, why then is our daddies not getting paid their pensions or am i missing something

Most of our daddies did not practice this type of pension. The solely rely on the government for their pension.
This one was introduced during OBJ regime and it’s called contributing pension scheme. Whereby both employees and employers pay 7.5% each into the Pension scheme account.

agwom:
Nigeria’s contributory pension industry has accumulated assets worth over N9.4 trillion as at August 2019. This was disclosed by the Acting Director-General of the National Pension Commission (PenCom), Aisha Dahir-Umar, at the 7th Conference for directors of pension operators held In Abuja yesterday. The latest growth recorded in pension assets translates a growth of N700 billion in seven months from the N8.74 trillion recorded in January 2015 to N9.4 trillion as at August.

“The pension industry in Nigeria is leading the initiative for the attainment of one of our critical national imperative for socio-economic development, which is the formation of long term domestic capital. These pension assets are overwhelmingly invested in the national economy, with positive impact in all major sectors and a significant contribution to the GDP,” Dahir-Umar told the directors. The PenCom boss called the attention of the directors to the clamour for deployment of pension funds to support several new initiatives in both the public and private sectors. She said such clamours were inappropriately pursued by proponents as the Pension Reform Act 2014 only empowers PenCom to issue regulations on investment of pension funds and assets to guide the investment activities of the licensed operators.

“The law does not allow the regulator to approve any specific instrument for mandatory investment by operators. Regrettably, the Commission is increasingly being inundated with requests for clearance of several business proposals to enable Pension Fund Administrators finance the initiatives with pension fund,” she said.

Read more: https://www.dailytrust.com.ng/pension-assets-hit-n9-4trn-in-august-pencom-says.html

On paper yes
In reality no

In 6 years of working for a gvt Agency, my salary has been debited for pension without d money paid into my pension account. Criminals everywhere

I don't think so because there are some pensioners with salary till date and some other benefits like 33%,shortfall

Dewze:
If they have this much money, why are they still refusing to pay retired police officers their pension?

My mum retired since July last year and she has still not been paid, no insurance payment, no pension payment, nothing.

contributory pensions with private firms Its different from the govt based own. Stop displaying ignorance

more than 7trillion is with fg,lets stop celebrating oh

Has Buhari paid back what he borrowed from the pension fund ? Has he?

RichDad1:

Most of our daddies did not practice this type of pension. The solely rely on the government for their pension.
This one was introduced during OBJ regime and it’s called contributing pension scheme. Whereby both employees and employees pay 7.5% each into the Pension scheme account.

now 10% employer 8% employee

aolawale025:
Great. Ideally that's idle funds that could be invested in a way to spur economic development

U are a joker. Idle funds indeed. That's people's savings for retirement. Abeg no invest anything we no wan hear story

So so trillions yet, pensioners dey languish in penury.

Dem for kukuma allow pensioners dey draw their money alongside their salary every month while still active so as not to enrich cursed thieves like Maina.

athaboi:
These are beautiful policies and programs initiated by His Excellency Olusegun Aremu Obasanjo, people that have ideas upstairs... up till today, I can't figure out why people are shouting BUHARI BUHARI up and down...he's no different from an average Nigeria politician, He has just sent a request for approval of 10billion naira for kogi state to repay them for federal govt projects they executed.. kogi state executed fed govt projects How, when, where? They want to rig/buy votes in kogi election. I pity those that will be killed that day

Why is this one ranting.. Spewing thrash up and down

RichDad1:

Most of our daddies did not practice this type of pension. The solely rely on the government for their pension.
This one was introduced during OBJ regime and it’s called contributing pension scheme. Whereby both employees and employees pay 7.5% each into the Pension scheme account.

Cool, thanks for the info bro

Luciferlove:
If we have such huge amount, why then is our daddies not getting paid their pensions or am i missing something

Dewze:
If they have this much money, why are they still refusing to pay retired police officers their pension?

My mum retired since July last year and she has still not been paid, no insurance payment, no pension payment, nothing.

it is only those that contributed that will benefit from it. ít is a contributory pension. Most state worker that their state did not join the contributory pension scheme wíll continue to suffer to access their pension but once they can key into this system it becomes easier.

koolbe:
In 6 years of working for a gvt Agency, my salary has been debited for pension without d money paid into my pension account. Criminals everywhere

And you are taking it laying down?

Don't you realize it is your future that is being eaten right before you?

You better find the closest FCPC or EFCC office to report to.