The contributory pension scheme’s overall assets lost close to N2 billion in a single month.
The latest report from the National Pension Commission, titled “Unaudited report on pension funds industry portfolio for the period ending 30 September 2022,” included this information.
The amount, which was N14.426 trillion at the end of August 2022, reportedly decreased marginally to N14.424 trillion at the end of September 2022.
Prior to beginning to decline, the total assets under the contributory pension program had increased by N1.01 trillion since the year’s beginning.
The funds, which were N13.42 trillion as of December 31, 2021, increased to N14.426 trillion by the end of August.
As of the end of September, 9,792,486 workers nationwide had retirement savings accounts, according to a PenCom analysis.
The operators put N1.49 trillion (10.31%) in corporate debt securities and N2.11 trillion (14.59%) in money market instruments.
During the time period under consideration, the operators invested N59.63 billion in mutual funds.
According to the Pension Reform Act of 2014, the funds stored in the care of the Pension Fund Custodians are managed by the Pension Fund Administrators.
The balances in the employees’ Retirement Savings Accounts must be raised through investment returns from pension funds.
When investing money in any portfolio, PFAs are obligated to adhere to PenCom’s investment standards.
