Mrs. Aisha Dahir-Umar, AG D-G, Pencom

Adebayo Obajemu

Data obtained from the National Pension Commission revealed that the total assets under the Contributory Pension Scheme rose to N11.35tn as of the end of August. The funds rose from N11.08tn in June to N11.3tn in July.

The pension commission revealed that N7.51tn or 66.27 per cent of the funds had been invested in Federal Government’s securities.

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

The commission also disclosed in its second-quarter report that following the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by recovery agents, 16 of the affected employers remitted the sum of N261.33m during the period.

It said this represented a principal contribution of N152.79m and penalty of N108.54m during the quarter.

This brought the total recoveries made from inception to June 30 to N17.52bn comprising principal contribution of N8.89bn and penalty of N8.63bn.

During the quarter under review, PenCom said the Pension Fund Administrators registered a total of 2,839 contributors under the micro pension plan for which a total of N7.4m had been remitted to the Retirement Savings Accounts as pension contributions