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Pension fund assets hit N14.27 trillion in Q2’22

Pension fund assets rose to N14.27 trillion by the end of the second quarter (Q2) of 2022, up from N13.88 trillion at the end of Q1, an increase of N388.98 billion, according to the latest report by the National Pension Commission (PenCom).

The Director-General, PenCom, Mrs. Aisha Dahir-Umar, attributed the growth to mainly contributions received and interest income, which was partly offset by depreciation in the prices of Federal Government of Nigeria (FGN) bonds and equities during the period.

She said the Federal Government Securities and quoted domestic ordinary shares continued to account for the highest percentage of Pension Fund Assets investments in Q2.

She added that investment in FGN securities stood at N9.01 trillion, an increase of N505.81 billion or 5.95% over the value of N8.50 trillion as of March 31.

Also, investments in quoted domestic ordinary shares increased by N12.53 billion to N1.069 trillion during the period in review.

Dahir-Umar said: “The asset class represented 7.48 per cent of total pension assets. The increase in the value of investments in domestic quoted equities was primarily due to the appreciation of some stocks on the Nigerian Stock Pension Index, which gained 9.95 per cent.”

She informed that membership under the Contributory Pension Scheme (CPS) increased by 362,547 yearly from 9.44 million at the end of Q2 2021 to 9.80 million year-on-year.

Quarterly, the increase in membership was 122,719 or 1.28% from 9.68 million in Q1 to 9.8 million in Q2 of 2022.

Dahir-Umar also said total pension contributions remitted to individual RSAs in Q2 2022 stood at N238.75 billion with the public sector accounting for N136.79 billion or 57.29%.

In comparison, the private sector contributed N101.98 billion or 42.71%. Quarter-on-quarter, aggregate pension contributions of the public sector from inception increased from N4.02 trillion in Q1 2022 to N4.15 trillion at the end of Q2 2022.

Similarly, the aggregate pension contributions of the private sector from inception increased from N3.76 trillion in Q1 to N3.86 trillion at the end of Q2 2022, she added.

…growth was mainly due to contributions received and interest income, which was partly offset by depreciation in the prices of Federal Government of Nigeria (FGN) bonds and equities during the period.

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