Pencom’s Pension assets rise to N16.8tn

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Lagos, Aug. 4, 2023 – The pension fund assets of the National Pension Commission (PenCom) rose to N16.76 trillion at the end of June, 2023.

It stood at N14.99 trillion in December 2022, an increase of N1.7 trillion.

Aisha Dahir-Umar, the Director-General of (PenCom), said this in Lagos on Thursday at the 2023 Journalists’ Conference.

Dahir-Umar, who was represented by the head, Corporate Communications in PenCom, Abdulqadir Dahiru, said  membership of the fund had also increased by 146,920 new contributors.

She said the membership rose from 9.86 million members as of the end of 2022 to over 10 million members as of June 2023.

Dahir-Umar said the commission had created a new department to address contributors’ complaints in a bid to further enhance better and seamless pension service delivery.

She said the creation of the Consumer Protection Department (CPD) underscored the determination to prioritise service delivery and provide Retirement Savings Account (RSA) holders with the care and attention.

Dahir-Umar said the commission’s proactive regulatory approach had strengthened the oversight and governance of pension funds to promote transparency, accountability and safeguarding the interests of pension contributors.

“The CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years,” she said.

The DG appealed to employers of labour to embrace the spirit of contributory pension scheme to pave way for smooth and enjoyable retirement life. (GBN)

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