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Micro Pension Plan Records Over 33% Growth In Q1′ 22
According to the First Quarter 2022 report released by the National Pension Commission, a total of 2,897 new contributors were enrolled into the Contributory Pension Scheme, under its micro pension scheme. This indicates a 33.7 percent Quarter-on-Quarter, QoQ, increase against 2,166 recorded in the previous quarter, Q4’21. With the new enrolments, PenCom, a total number…
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Contributory Pension Gains N640bn In Four Months
According to figures from the National Pension Commission, the total assets under the Contributory Pension Scheme rose by N640 billion in four months to N14.06tn in April. This was contained in the National Pension Commission’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 April 2022; Approved Existing Schemes,…
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Contributory Pension Assets Rise By N340bn
The total assets under the Contributory Pension Scheme gained N340bn in two months and rose to N13.76tn as of the end of February 2021. The funds, which ended December 31, 2021 at N13.42tn, rose to N13.61tn as of the end of January 2022. This was contained in the National Pension Commission’s latest report, titled ‘Unaudited…
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Pension Assets Grow By 3.26%
According to the fourth quarter 2021 report of the National Pension Commission, the total value of Nigeria’s pension fund assets as at 31 December 2021 grew by 3.26 percent Quarter-on-Quarter to N13.42 trillion from N13.01 trillion recorded in September, 2021. PenCom said the growth was mainly due to pension contributions received and market valuation of…
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N2.55bn Unremitted Pensions Recovered In 2021
Data obtained from the National Pension Commission has shown that the commission recovered N2.55bn pensions deducted by employers from employees’ monthly emoluments in 2021 but not remitted to the Retirement Savings Accounts with their respective Pension Fund Administrators. In the latest PenCom’s latest quarterly report,the recovery included unremitted contributions and sanctions, as the commision disclosed…
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Pension Funds Downsize Investments By 36%
Findings in the data from the National Pension Commission has shown that the Pension Funds Administrators investments in state government securities fell by a huge 36 percent to N97.89 billion in the first half of 2021 (H1’21). This is from N152.93 billion recorded in the corresponding period in 2020 (H1’20). But the PFAs’ interest in…
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PenCom Recovers N608m Pension Liabilities From Defaulters
The National Pension Commission says it has recovered N608.5 million from employers who deducted monthly pensions of their workers. However, it mentioned that these employers did not remit to their retirement savings accounts with their respective pension fund administrators. According to the 2021 first quarter report released by the commission, the amount consists of N162.3…
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PenCom: Over 2,000 Workers Withdrew N3.18bn From Voluntary Pension
After making additional voluntary contributions, a total of N3.18bn was withdrawn by 2,210 workers from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months. While 1,286 active contributors withdrew N2.17bn in the third quarter of 2020, another 924 contributors withdrew N1.01bn in the fourth quarter of 2020. The National Pension Commission…
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PenCom: Over 9,000,000 Workers Have Pension Accounts
The total number of workers with pension accounts under the Contributory Pension Scheme rose slightly to 9,265,141 as of the end of February 2021. Figures obtained from the National Pension Commission on its February monthly report on Friday said the cumulative Retirement Savings Account registrations grew from the 9,147,039 recorded in Q3, 2020 to 9,215,788…
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Pension Assets Drops, Losses N52billion
The Contributory Pension Scheme has continued its downward trend lossing N52billion in February 2021. Figures obtained from the National Pension Commission on its report titled ‘unaudited report on pension funds industry portfolio for the period ended 28 February 2021’ revealed this. The report showed figures on Approved Existing Schemes, Closed Pension Fund Administrators and RSA…