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Tag: Pencom

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Pension fund assets reach N21.92tn in October

The National Pension Commission has reported that total pension fund assets under the Contributory Pension Scheme reached N21.92tn as of October 2024, driven by contributions from 10.53 million registered participants. The commission projects the assets will exceed N22tn by year-end. The was disclosed by the Director-General of PenCom, Ms Omolola Oloworaran, during the 2024 PenCom […]

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PenCom lifts ban on PFAs investment in commercial papers

The National Pension Commission has lifted its ban on Licensed Pension Fund Administrators investing in commercial papers managed by non-bank capital market operators serving as Issuing and Paying Agents. This follows steps taken by the Securities and Exchange Commission to resolve regulatory concerns regarding these operators’ roles in such transactions, paving the way for increased […]

News

PenCom approves full withdrawal of savings for low-income retirees

The National Pension Commission has clarified that low-earning pensioners can now withdraw their total retirement savings at once or opt to continue receiving monthly pensions while awaiting the implementation of the Minimum Pension Guarantee. This directive was outlined in a memo signed by the Head of PenCom’s Surveillance Department, A. M., Salam. PenCom, in a […]

News

Pension funds surpassed N20tn in May – PenCom

The value of Nigeria’s pension funds climbed by 2.23 percent month on month to N20.23 trillion in May 2024. According to the National Pension Commission’s unaudited report on the pension funds industry portfolio for the period ended May 31, 2024, Pension Funds Administrators’ investment in FG securities remained high and increased during the review period, […]

PenCom debunks lending FG N10tn
News

PenCom debunks lending FG N10tn

Melvin onwubuke The Director General of the National Pension Commission, Aisha Dahir-Umar, has denied allegations that the commission loaned N10tn to the Federal Government. In October, the House of Representatives adopted a motion mandating its Committee on Pensions to recover N10 trillion in pension funds loaned by the government. Dahir-Umar In an interview last weekend, […]

PenCom recovers N25.45bn unremitted contributions
Banking

PenCom recovers N25.45bn unremitted contributions

By Melvin Onwubuke   The National Pension Commission has made huge progress in ensuring compliance among employers regarding pension contributions. According to nairametrics, PenCom has successfully retrieved a total N25.45 billion in unremitted pension contributions, from defaulting employers between the years 2012 and 2023. This was disclosed by Mr. Ibrahim Buwai, the Director of Corporate […]

NGX to draw in more investors - CEO
Business

NGX, PenCom collaborate to boost pension funds in equity market

The Nigerian Exchange Limited has announced that its collaboration with the National Pension Commission will increase the involvement of Pension Fund Administrators in the equity market via the NGX Pension Broad Index. The Acting CEO of Nigerian Exchange Limited, Mr. Jude Chiemeka, noted in a news release that the NGX Pension Broad Index has performed well since its […]

How PenCom invested N130bn pension fund in infrastructure
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How PenCom invested N130bn pension fund in infrastructure

Pension Fund Administrators invested N130.18 billion in infrastructure through the Contributory Pension Scheme as of September 30, 2023. The Punch reported that statistics from the National Pension Commission’s “Unaudited report on pension funds industry portfolio for the period ended 30 September 2023-Approved Existing Schemes, Closed Pension Fund Administrators and RSA Funds (Including unremitted contributions @CBN […]

Workers dump PFAs, new operators get N822bn retirement savings
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Workers dump PFAs, new operators get N822bn retirement savings

203,127 workers have changed their Pension Fund Administrators and transferred N822.37 billion from their Retirement Savings Accounts since the National Pension Commission opened the transfer window. The Punch reported that this information was provided by PenCom in their transfers report titled “Quarterly Summary of Retirement Savings Accounts Transferred by Pension Fund Administrators” for the period […]

PenCom recovers N25.45bn unremitted contributions
News

Retirees withdraw N7.79bn savings, quit pension scheme – PenCom

In one year, 15,634 workers who retired under the Contributory Pension Scheme and could not receive up to N10,000 monthly stipends withdrew N7.79 billion from their respective Pension Fund Administrators’ Retirement Savings Accounts. According to The Punch,  National Pension Commission’s weekly report on en-bloc payments to retirees reveal that these retirees were those who had less […]

How PenCom invested N130bn pension fund in infrastructure
News

PenCom considers PFA securities lending

The National Pension Commission has stated that regulations are being developed to allow Pension Fund Administrators to engage in securities lending as a form of participation in the capital market. It made this disclosure on Wednesday during a session hosted by PenCom, the Securities and Exchange Commission, and the Nigerian Exchange Limited. The workshop’s focus […]

PenCom recovers N25.45bn unremitted contributions
Business

PenCom promises to uphold contributors’ interests

The Director-General of the National Pension Commission, Aisha Dahir-Umar, has stated that PenCom is preserving contributors’ interests as funds under the Contributory Pension Scheme rise. The director-general was addressed at the Lagos 2023 Journalists’ Conference while being represented by the head of the corporate communications department, Abdulqadir Dahiru. According to her, “PenCom’s proactive regulatory strategy has increased the […]

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