The National Pension Commission’s pension fund assets now stands at N14.27 trillion due to a significant rise of about N388.98 billion in the second quarter of 2022.
This was disclosed in its Q2 pension sector report which showed that pension assets rose quarterly by N388.98bn from N13.88trn recorded at the end of first quarter of 2022 to N14.27trn at the end of the second quarter of 2022
The Commission also said total contributions remitted into individual Retirement Savings Accounts (RSAs) stood at N238.75bn in the second quarter of 2022.
“Public sector accounted for N136.79bn or 57.29 per cent of the N238.75bn. In comparison, the private sector contributed N101.98bn or 42.71%.
“Quarter-on-quarter, aggregate pension contributions of the public sector from inception increased from N4.02trn in Q1 2022 to N4.15trn at the end of Q2 2022. Similarly, the aggregate pension contributions of the private sector from inception increased from N3.76trn in Q1 of the year to N3.86trn at the end of Q2 2022.”
The report further added that a total of 14,821 holders successfully transferred their accounts with their associated pension managers to new ones in the second quarter of 2022
PenCom however, noted that the Contributory Pension Scheme (CBS) memberships increased by 362,547 year-on-year to 9.80m in Q2 of 2022 from 9.44 million in same period of 2021.
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