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Pension Funds to hit N3 trillion by Year End

By on October 18, 2012

 

Pension funds assets in the country are expected to hit N3 trillion by the end of the year. The funds currently stand at N2.94 trillion under the contributory pension scheme.

Director-General of the National Pension Commission, Muhammad Ahmad, disclosed this at a one-day workshop entitled, “Effective administration of benefits under the Pension Reform Act, 2004.” which held in Abuja on Wednesday.

Ahmad said, “The industry has continued to advance in its modest achievements, as 5.28 million Nigerians had registered on the scheme as at September this year. There are currently about 54.558 retirees from the public and private sectors under the CPS who have collected over N151.52bn as lump sums, and are collecting about N1.77bn as monthly pension.

“Additionally, assets worth N2.94tn have been accumulated as at the end of September 2012.”

He said, “Currently, the RSA Transfer Clearing System Application, which will be used to coordinate all processes relating to the transfer of RSAs, is being developed and tested to ensure that it meets the capacity and robustness required.

“As part of the implementation of opening the transfer window, the Pension Fund Administrators and Pension Fund Custodians, who are key stakeholders in the pension industry, will participate in various workshops geared towards ensuring their full understanding and participation in the transfer process before the window opens. The estimated date for the opening of the transfer window is December 2012.”