By Rosemary Iwunze PENSION Despite the rise in unemployment leading to unfunded Retirement Savings Accounts, RSAs, the pension fund asse...
By Rosemary Iwunze
PENSION
Despite the rise in unemployment leading to unfunded Retirement Savings Accounts, RSAs, the pension fund assets of the Contributory Pension Scheme, CPS, grew by 1.94 percent in November 2020 to N12.3 trillion.
According to the National Pension Commission, PenCom, the figure is against N12.05 trillion recorded in October last year.
However, further analysis show that the fund rose by 5.9 percent between September and November as the figure stood at N11.56 trillion as at September 2020.
READ ALSOGive youths opportunity to lead, Archbishop Kaigama begs Buhari
Meanwhile, Federal Government securities continued to be the toast of Pension Fund Administrators, PFAs, as they invested 66.22 percent of the pension assets in FGN securities during the period which stood at N8.14 trillion.
A breakdown of the FG securities shows that FGN bonds got N7.4 trillion; Treasury Bills N642.02 billion; Agency bonds N6.02 billion; Sukuk N100.1 billion; while Green bonds got N11.8 billion.
Meanwhile, a total of N790.9 billion was invested in domestic ordinary shares; foreign ordinary shares got N17.33 billion; state government securities got N150.58 billion; corporate debt securities N731.57 billion; local money market securities N1.79 trillion; Mutual Funds N145.22 billion; Real Estate N158.60 billion; Private Equity Funds N31.70 billion; Infrastructure Funds N57.07 billion; and Cash and Other Assets N190.08 billion.
The post Pension assets up despite rise in unemployment appeared first on Vanguard News.
No comments