The contributory pension scheme (CPS) in Nigeria continues to demonstrate impressive growth, with pension fund assets soaring by N2.13 trillion during the first half of 2024.
The ExplainerThe contributory pension scheme in Nigeria continues to demonstrate impressive growth, with pension fund assets soaring by N2.13 trillion during the first half of 2024. This substantial increase raises the total pension fund assets from N18.36 trillion at the end of 2023 to N20.48 trillion by June 30, 2024. This performance surpasses the N1.77 trillion increase recorded during the same period in 2023.
The significant growth in both assets and membership reflects a strengthening of the financial security for workers, ensuring a more secure accumulation of funds for retirement and terminal benefits.As the CPS evolves and expands, it not only provides greater financial stability for contributors but also highlights the successful implementation of PenCom’s strategies in driving the pension sector forward.
Section 85 of the PRA 2014 states that “All Contributions made under this Act shall be invested by the Pension Fund Administrator with the objectives of safety and maintenance of fair-returns on the amount invested”. Also, section 85 states that “Pension funds and assets shall only be invested in accordance with regulations and guidelines issued by the Commission, from time to time”.
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