How pension assets hit N15.58tn – PenCom

Bisola David
Bisola David
PenCom recovers N25.45bn unremitted contributions

The total pension assets of the National Pension Commission, PenCom, is currently over N15.58 trillion.

The Director-General of the commission, Aisha Dahir-Umar, revealed this at a workshop organized for the Labour Writers Association of Nigeria, LAWAN, with the theme, “Securing the Future: The Benefits of the Contributory Pension Scheme to the Nigerian Workers,” in Lagos yesterday.

The workshop was organized by the commission and represented by PenCom’s Head of Communications, the Director-General, Abdulquadri Dahiru, said the N15.58 trillion figure was as of March 31, 2023.

“The Pension Assets stood at N15.58 trillion as of 31 March 2023, while CPS membership was 9.95 million.

“PenCom also began a policy that allows Retirement Savings Account, RSA, holders to utilize a portion of their retirement savings as equity for residential mortgages last year“

“Note that this partial withdrawal is not to replace the retirement benefits but rather a means to offer immediate support during a difficult period.”

He noted that the remaining balance in the RSA continues to accumulate until the RSA holder attains retirement age.

“PenCom is committed to protecting workers’ interests and ensuring employers pay pension contributions as and when due.

“During the first quarter of 2023, N384.28 million, which included contributions of N193.06 million and penalties of N191.22 million, was recovered from 34 defaulting employers.

“However, from the beginning of the recovery of pension contributions owed workers in June 2012 to 31 March 2023, the commission has recovered N24.53 billion (contributions of N12.44 billion and penalties of N12.09 billion) from defaulting employers.”

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *