Friday, October 31, 2014

Nigeria’s Pension Assets Hit 4.5 Trillion Naira

President Goodluck Jonathan's reforms in pension administration have generated an important rise in the nation's total pension assets which now stand above N4.5 trillion. Director-General of National Pension Commission (PENCOM) Mrs. Chinelo Anohu-Amazu noted in just a short time frame, PENCOM recorded laudable achievements with the pension reforms and the implementation of the Contributory Pension Scheme (CPS).

The DG said, “Payment of pension under the CPS is currently prompt and consistent since 2007. From a tale of approximately N2 trillion pension deficits beneath the defunct Defined Benefit Scheme as at 2004, the CPS has accumulated a sizable pool of investible fund of over N4.5 trillion pension assets as at June 2014. Significantly more than 6.2 million contributors have now been registered into CPS since inception."

President Jonathan forwarded a bill for the repeal of the 2004 Act and reenactment of a brand new Pension Reform Act to the National Assembly in April 2013. After going right on through extensive legislative consideration, the bill was finally passed by the National Assembly in April 2014.

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