Nigeria Pension Contributors Data Hit 5.8m

The Acting Director- General of the National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, has disclosed that the number of pension contributors under the contributory pension scheme has grown to over 5.8 million.
She also said that pension assets have leaped to N3.73 trillion in the last nine years.
The DG, who made the disclosure at the World Pension Summit in Amsterdam said since inception of the scheme introduced in 2004, a significant success have been recorded both in terms of funding and enthusiasm by Nigerian workers.
She told delegates from 40 countries, who attended the 2013 World Pension Summit  that pension assets had shifted from a growing deficit of N2.6 trillion prior to its inception to an accumulation of N3.73 trillion pension assets within the nine years of the existence of the          scheme.
Anohu-Amazu further informed the delegates that the Contributory Pension Scheme (CPS) was sustainable, fully funded and privately managed by operators licensed by PenCom.
The legal and institutional frameworks established by the commission, she stated, have led to the registration of over 5.8 million members and the pool of pension assets generated has aided the deepening of Nigeria’s financial sector.
They have also provided a platform for the provision of infrastructure and the development of the real sector, thereby reinforcing the transformation agenda of President Goodluck Ebele Jonathan.
The World Pension Summit 2013 brought together, over 350 pension professionals, experts and key authorities in the field of retirement solutions management with specific focus on pension fund strategies, social security and employee benefits.
The theme of the 2013 Summit was centered around pension investment, risk management, pillars for pension scheme administration, communication/information management and strategies for stimulating growth in pension portfolios.

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