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PenCom reassures safety and growth of N18 trln pension assets

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In a bid to address concerns regarding pension funds, the National Pension Commission (PenCom) has affirmed the robust security and dynamic growth of the N18 trillion pension assets.

The Director-General of PenCom, Aisha Dahir-Umar provided assurances in Abuja, emphasising the meticulous investment and continuous expansion of these funds.

Dahir-Umar underscored that every naira within the N18 trillion is dedicated to a retirement savings account (RSA) holder, whether a current worker or retiree.

The funds have been strategically invested, with returns seamlessly distributed to RSA holders, while minimal charges cover fund management and distribution.

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The Director-General asserted that the era of pension funds being diverted into private hands is a thing of the past, ensuring a transparent and accountable management system.

As a regulatory authority, PenCom’s primary responsibility is to guarantee the safety, efficiency, and effective management of funds, ensuring they are readily available for retirement benefits.

Addressing the recovery of unremitted contributions and penalties, Dahir-Umar disclosed that PenCom successfully reclaimed N45.45 billion from non-compliant employers between 2012 and 2023.

The recovered funds, totaling N12.9 billion in principal contributions and N12.5 billion in penalties, were redirected to individual RSAs, reinforcing the commitment to RSA holders’ interests.

Furthermore, Dahir-Umar stressed the importance of public awareness campaigns for the Micro Pension Plan (MPP), aimed at encouraging participation in the informal sector.

Despite over 100,000 RSAs being opened since the inception of the micro-pension, contributions stand at just over N500 million, indicating room for increased awareness and participation.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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