Pension Fund hits N13.42trn in December 2021

The National Pension Commission has reported that pension fund assets surged by  N1.11 trillion, rising from N12.31 trillion as at December 31, 2020, to N13.42 trillion in December 31, 2021. This is contained in data published by the Commission on its website on Wednesday in Lagos. Since the National Pension Commission (PenCom) officially opened the transfer window, which allows holders of Retirement Savings Accounts (RSAs) to switch from one Pension Fund Administrator (PFA) to another, the sector has grown more competitive.

In less than a year since the transfer window started, 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. The National Pension Commission (PenCom), has also announced that it has completed its evaluation of the Pension Reform Act 2014. (PRA 2014). 

It said that between November and December 2021, the fund’s assets climbed by N168.29 billion. According to the data the fund’s assets were valued at $32.51 billion, at a rate of N410.66 to the dollar. Retirement Savings Account (RSA) holders on the other hand climbed by N31million in 2021, from N9.22 million in December 31, 2020 to N9.53 million in 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. Cooperate debt securities also witnessed a surge to about N943 billion in December 2021.