Total assets under the contributory pension scheme lost nearly N2 billion in a month.
This was included in the National Pensions Commission’s latest report titled “Unaudited Report on the Pension Fund Industry Portfolio for the Period Ending September 30, 2022”.
According to the report, the figure, which stood at 14.426 tn at the end of August 2022, decreased slightly to 14.424 tn at the end of September 2022.
Total assets under the contributory pension scheme had previously gained N1.01 billion since the start of the year before trending downward.
The funds, which ended on December 31, 2021 at 13.42 billion naira, increased to 14.426 billion naira at the end of August.
According to the PenCom report, the total number of workers with a retirement savings account was 9,792,486 at the end of September.
In the September report, N9.91tn or 63.73tn of the funds were invested in FGN securities.
Traders invested TN1.49 or 10.31% in corporate debt securities, while TN2.11 or 14.59% was invested in money market instruments.
Operators invested N59.63 billion in mutual funds during the period under review.
Under the Pension Reform Act 2014, pension fund trustees manage the funds which are kept in the custody of pension fund depositories.
Profits from the investment of pension funds are needed to increase workers’ retirement savings account balances.
PFAs are required to follow PenCom’s investment guidelines when placing funds in any portfolio.
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