{"id":98691,"date":"2022-08-29T07:57:46","date_gmt":"2022-08-29T06:57:46","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=98691"},"modified":"2022-08-29T07:57:46","modified_gmt":"2022-08-29T06:57:46","slug":"contributory-pension-assets-jump-to-n14-36tn-in-july","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/contributory-pension-assets-jump-to-n14-36tn-in-july\/","title":{"rendered":"Contributory Pension Assets Jump To N14.36tn In July"},"content":{"rendered":"<div style=\"text-align: justify;\">Assets under the Contributory Pension Scheme rose to N14.36tn in July 2022, from N14.27tn reported in the previous month.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This is according to the data obtained from the National Pension Commission on its unaudited report for the period ended July 31, 2022.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The data showed that N9.05tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to PenCom, the total number of RSA holders stood at 9,730,778 during the period under review.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Total micro pension registration as of July was 81,674, according to the commission.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Pension Reform Act, which led to the CPS, was inaugurated in 2004.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">It provides a contributory arrangement in which the employer and employee contribute to the workers\u2019 RSAs.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Pension Fund Operators Association of Nigeria has said the CPS is helping Nigerian workers to save for retirement and provide funds for infrastructure development.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The operators urged workers to increase their statutory deductions, noting this would enable them to raise their aggregate savings balances over time.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In a statement, the association said, \u201cIt is also pertinent to note that the Contributory Pension Scheme in its current state has in no small way fostered a savings culture in Nigeria. Prior to the enactment of the Act, Nigeria did not have large pools of domestic savings.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cMany Nigerians do not have any other form of savings, except through this contributory pension scheme. What we should be doing as a nation is to encourage more of these savings rather than looking to dismantle the system.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">&#8220;This is probably the only form of savings most Nigerian workers are able to put aside for their retirement years.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Assets under the Contributory Pension Scheme rose to N14.36tn in July 2022, from N14.27tn reported in the previous month. This is according to the data obtained from the National Pension&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":98692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-98691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Contributory Pension Assets Jump To N14.36tn In July - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/contributory-pension-assets-jump-to-n14-36tn-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contributory Pension Assets Jump To N14.36tn In July - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Assets under the Contributory Pension Scheme rose to N14.36tn in July 2022, from N14.27tn reported in the previous month. 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