Pension Fund Assets Hit N16.8trn

National Pension Commission, PenCom, on Thursday, said the total pension assets have hit to N16.76 trillion.

The commission, which disclosed this at a one-day workshop for journalists in Lagos, informed that pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.

In her opening remarks, the Director-Commission of the commission, Aisha Dahir-Umar, also noted that membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.

The theme of the workshop was “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,”

Represented by the Head of Corporate Communication, Abduqardir Dahiru, Dahir-Umar said: “The journalists conference is a testament to PenCom’s commitment to enhancing the knowledge and understanding of the Contributory Pension Scheme, CPS, and its impact in the lives of contributors and retirees. It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape.”
According to her, “PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

Consequently, Pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.

“Membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.”

She noted that the CPS had ensured that “public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.”
The conference feature three papers addressing essential aspects of commission’s pension system’s service delivery.

The first paper, “Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan” highlighted the Commission’s latest initiatives to elevate customer service, saying “the creation of the Consumer Protection Department, CPD, underscores PenCom’s determination to prioritise service delivery and provide our Retirement Savings Account holders with the care and attention they rightfully deserve.”
The second paper, “Strengthening Regulatory Oversight for Improved Service Delivery in the Pension Industry,” explored “how the commission’s “regulatory measures can effectively bolster the quality of services provided in the pension sector. Regulatory oversight is pivotal in maintaining transparency, fairness, and efficiency, which are the cornerstones of our pension system.”

The third paper, “Improving Accessibility and Service Delivery in Retired Saving Account, RSA, Mortgage Financing,” delivered by the Pension Fund Operators Association of Nigeria, PenOp, delved “into the crucial area of mortgage financing, addressing ways to enhance.