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Total assets under contributory pension hit N12.29tn

The total assets under the Contributory Pension Scheme rose to N12.29tn as of the end of November 2020.

Figures obtained from the National Pension Commission on its report on ‘Unaudited report on pension funds industry for the period ended 30 November 2020’ revealed on Friday.

According to the figures, N80.14tn of the funds had been invested in Federal Government securities.

 Other areas where the funds were invested are domestic and foreign ordinary shares, corporate debt securities, local money market securities and mutual funds.

Recently, PenCom disclosed in its third quarter report on ‘Issuance of pension clearance certificates’ that 5,432 employers were cleared for having pension and insurance covers for their workers in the third quarter of 2020.

This compliance allowed them to be able to do Federal Government’s businesses.

 Part of the report read, “During the quarter under review, 5,700 private sector organisations applied for issuance of pension clearance certificates.

“Out of this number, 5,432 organisations were issued certificates while the remaining 268 applications were declined for not meeting the stipulated requirements.

“A total sum of N24.98bn was remitted into the Retirement Savings Accounts of 76,498 employees by the 5,432 organisations that were issued with the PCCs.”

PenCom disclosed that 104,736 participants enrolled into the Contributory Pension Scheme within Q3, 2020, out of which 38,235 or 36.5 per cent were between 30 and 39 years.

 A further analysis also showed that 37,126 or 35.4 per cent were below 30 years of age.

These statistics pointed to the increasing evidence of the sustainability of the CPS, as the younger generation were actively being enlisted into the scheme, it stated.

On the gender distribution, 64 per cent of the total 104,736 that registered during the quarter were males, sustaining dominance over the female gender.

During the quarter under review, the commission said it generated 2,781 employer codes for private sector organisations, accounting for 98 per cent, while employer codes generated for non-governmental organisations, unions/associations and MDAs under the Federal and State Governments numbered 48 or two per cent of the total.

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