Pension fund assets hit N11.57trn, rise by 11% in 1 year

Nigeria’s pension assets

Pension fund assets hit N11.57trn, rise by 11% in 1 year   The aggregate value of pension fund assets in Nigeria has recorded significant gain to hit N11.57 trillion after advancing by 11 per cent within a year. Despite the many challenges that characterized the year, pension fund assets in the country gained N1.76 trillion equivalent to 11 per cent growth in the last one year, growing from N9.81 trillion in October 2019 to N11.57 trillion at the end of September 2020. The huge gains, according to findings, was attributed…

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Defaulting employers cough out N17.52bn unremitted pensions — PenCom

Nigeria’s pension assets

As pension fund assets hits N11.09trn___________________________________ The National Pension Commission (PenCom) has recovered N17.52 billion from employers who deducted monthly pensions from their workers’ monthly salaries but refused to remit to their Retirement Savings Accounts (RSA) with the respective Pension Fund Administrators (PFAs). PenCom disclosed this in its second quarter 2020 report which was released on Friday. The amount consists of principal contribution of N8.89 billion and penalty of N8.63 billion. Part of the report read, “Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution…

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