The National Pension Commission (PenCom), has reported that pension fund assets hit N13.42 trillion on December 31, 2021.
The figure increased by N1.11 trillion from N12.31 trillion according to data published on the Commission’s website on Wednesday.
Much of this success can be attributed to PenCom officially opening the transfer window, which allows holders of Retirement Savings Accounts (RSAs) to switch from one Pension Fund Administrator (PFA) to another, which has made the sector has become more competitive.
Thereafter, about 38,518 RSA holders have transferred PFAs. This has heightened rivalry in the business, as PFAs try to outsmart each other and get more people to join the pension system.
PenCom also announced the completion of its evaluation of the Pension Reform Act (PRA) 2014.
It said that between November and December 2021, the Fund’s assets climbed by N168.29 billion. These were valued at $32.51 billion at a rate of N410.66/$1.
RSA holders rose by N31million in 2021, from N9.22 million on December 31, 2020 to N9.53 million on December 31, 2021.
Total FGN securities remain the highest asset held with about N8.7trillion in 2021 December, up from N8.1 trillion in December 2020.
The local money market held about N2.025 trillion in December 2021 up from the N1.647 trillion held in December 2020.
Corperate debt securities also witnessed a surge to about N943 billion in December 2021.
Total FGN securities remain the highest asset held with about N8.7trillion in 2021 December, up from N8.1 trillion in December 2020.