Contributory Pension Scheme Gains N164bn In October

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By; PETER NOSAKHARE, Kaduna 

Assets under the Contributory Pension Scheme (CPS), returned to a growth path to gain 164 billion Naira in October, after incurring a loss of almost two billion Naira in September.

This observation was contained in the National Pension Commission’s latest monthly report, titled, ‘Unaudited report on pension funds industry portfolio for the period ended 31 October 2022.’

In the report, the assets rose to 14.59 trillion Naira in October from 14.42 trillion and 14.426 trillion Naira as at  end of August.

The figure shows that 9.23 trillion Naira of the funds was invested in Federal Government’s securities, 1.53 trillion Naira in corporate debt securities, 2.17 trillion Naira in money market instruments, and 65.68 billion Naira in mutual funds.

Under the Pension Reform Act 2014, the Pension Fund Administrators (PFAs), manage the funds which are kept in the custody of the Pension Fund Custodians.

Profits earned from the investment of pension funds are required to lift up the balances in the workers’ Retirement Savings Accounts.

The PFAs are required to follow the investment guidelines of PenCom in putting investing of the funds in any portfolio.

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