Pension fund assets hit N2.4t, says D-G

Pension fund contribution has grown to N2.4 trillion as at November, 2011, the Director-General, National Pension Commission (PenCom), Mohammad Ahmad, has said. 

Ahmad, who disclosed this yesterday at a workshop organised by PenCom for journalists in Enugu, said  4.92 million Nigerians have registered for the scheme, adding that presently, about 40,794 retirees from the public and private sectors are collecting their monthly pensions either by programmed withdrawal or annuity. 

 He stated that over N115.6 billion has been paid to retirees as lump sum at the point of retirement and that about N 1.284 billion is collected as monthly pension. 

“Pensioners have collected over N 115.6 billion as lump sum at the point of retirement and are collecting about N 1.284 billion as monthly pension. Additionally, assets worth N2.4 trillion have been accumulated as at November, 2011,” he said.  

Ahmad said the Commission has sustained its regulatory and supervisory philosophy, which is risk-based and consultative, with particular emphasis on issuance of guidelines and regulations, surveillance of licensed operators, compliance and enforcement, supervision of investment of pension funds and maintenance of a databank on pension matters. 

Ahmad, said as part of the industry’s consolidation efforts, it has raised the capital requirements for Pension Fund Administrators (PFAs) from N150 million to N1 billion effective June 2012, adding that it has intensified its compliance mechanism by taking legal action against defaulting employers. 

Head Compliance and Enforcement PenCom, Mahammad Umar, said the commission has concluded plans to commence issuance of compliance certificates to organisations bidding for contracts with government’s ministries, departments and agencies (MDAs) from January 2012. 

He said the certificate would be renewable annually, adding that organisations requesting for compliance certificates must provide comprehensive evidence of compliance up to December 31. 

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Pension fund assets hit N2.4t, says D-G

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