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Pension contributors major beneficiaries of N3.7tr Pencom profit

03 December 2013, 21:22

Lagos - The Chairman, Pension Fund Operators Association of Nigeria (PenOp), Misbahu Yola, on Tuesday said contributors took a bulk of the profits recorded by the National Pension Commission (Pencom).

Yola provided an insight on the N3.7 trillion profit reported by Pencom in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that part of the N3.7 trillion total pension fund profile were also invested in listed equities at the Nigerian Stock Exchange, money market instruments and government bonds.

Yola said that the funds was not idle, but were invested in dividend yielding vehicles to increase savings of individual contributor’s in the Retirement Savings Account (RSA) opened by the Pension Fund Administrators (PFAs).

“As the investments mature, the RSA of each contributor is credited with the profits the units the amount in the Savings account purchased.

“That is why a contributor with N10, 000 in his RSA account can see additional N1, 000 or more when the profit from the investment is added.

According to the Chairman, every contributor in the contributory pension scheme is an automatic investor, as their contributions are used for investments.

He said that the operations of the new pension scheme had provided workers with confidence and assurance on the safety of their retirement benefits.

“The contributor also knows how much he is expecting as lump sum and monthly pension,” he said.

He said that paying potential and existing pensioners remain the primary purpose of establishing the new pension scheme.

-  NAN


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