Pension Assets Hits N8.5tn

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The National Pension Commission(PenCom) has said the overall pension assets hit N8.50 trillion as at November 2018.
The Commission, said out of the above figures, 23 insurance organisations comprising 17 insurance brokers and six insurance underwriting firms contributed and remitted over N426.36 million for their employees in 2018, while employers from various other sectors of the economy contributed the rest.

PenCom, disclosed this in its summary of pension fund assets as at 30 November 2018 and Schedule of Employers issued with Certificate of Compliance in accordance with Provision of the Pension Reform Act (PRA) 2014 as at January 21.

According to PenCom, insurance operators such as, Leadway Assurance Limited, which has 287 employees, contributed and remitted N137.11 million; AIICO Insurance Plc remitted N145.06 million for 259 employees; Linkage Assurance Plc – N50.66 million for 164 employees; Custodian Life Assurance Limited – N19.38 million for 47 employees; Custodian and Allied Insurance Limited – N55.67 million for 125 employees and Guinea Insurance Plc – N24.31 million for 96 employees.

Others were Plum Insurance Brokers Limited -N1.15 million for six employees; Risk Analyst Insurance Brokers Limited – N3.09 million for 15 employees; Colximate Insurance Brokers Limited – N1.36 million for six employees; Favour Insurance Brokers Limited – N1.13 million for nine employees, among others.

The commission, in the statement, also noted that public confidence and acceptability of the contributory pension scheme (CPS) has risen as number of contributors grew to 8.41 million as at December 2018, while a total of 260,808 retirees are receiving monthly pensions regularly