PENCOM assets hit N4.6trn in 10 years

The National Pension Commission (PenCom), said it has gen­
erated over N4.6 trillion in the Contributory Pension Scheme
(CPS), since inception in 2004.
Speaking at the opening ceremony of a two-day workshop on
the 2014 Pension Reform Act (PRA) with the theme, “New
Pension Act 2014, its Implications and Obligations to both
Employers and Employees in Nigeria” organised in
collaboration with Lagos Council of Nigeria Labour Congress
(NLC), the Director General of PenCom, Mrs. Chinelo Anohu-
Amazu, said the coverage of the CPS included employees in
the public service of the federal, states and local governments
as well as the private sector organisations with three or more
employees.
Represented by Mr. Mohammed Bello Umar, the commission’s
Head of Compliance and Enforcement Department, she recalled
that the pension reform started in 2004 with the passage of
PRA 2004, which provided for a uniform pension system for
both public and private sectors.
According to her, “the CPS has been successfully implemented
since then and the fund under management has grown to
about N4.6 trillion while membership is over six million.
She explained that the coverage of the CPS include employees
in the public service of the federal, states and local
governments as well as the private sector organisations with
three or more employees.
The PRA 2014, she added, strengthened the powers of the
commission to perform its mandate of regulation and
supervision of all pension matters, stating that it would fur­
ther protect and create value for the contributor.
She said, “following the successful passage of the PRA 2014,
PenCom is working towards significantly increasing the
membership of CPS by expanding the coverage to include the
informal sector as well as ensuring that the pension assets
are invested in ways that are most beneficial to the economy.”