Emma Ujah, Abuja Bureau Chief 

Total pension assets under the Contributory Pension Scheme will exceed N22 trillion, going by the latest data from the National Pension Commission  (PenCom).

The Director-General (D-G) of the commission, Ms. Omolola Oloworaran, disclosed at the 2024 PenCom Media conference, in Abuja, yesterday, that the assets stood at  N21.92tn as of October this year.

 According to her, the assets represented the contributions of 10.53 million registered participants.

Accordingtoher, “As of October 2024, the CPS has recorded 10.53 million registered contributors and boasts pension fund assets of N21.92tn. These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth.

“However, the economic realities of 2024 and preceding years present unique challenges. High inflation, the devaluation of the Naira, and the lingering effects of unorthodox monetary policies have eroded the real value of pension funds, impacting contributors’ purchasing power.

“To address these challenges, PenCom has initiated a comprehensive review of the Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency denominated investments. Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility.”

Ms. Oloworaran emphasised the Commission’s commitment to safeguarding contributors’ savings through prudent management and sustainable growth practices.

The D-G said that her administration would focus on expanding participants’ by bringing millions of.Nigerian workers, especially in the I formal sector intonthe scheme.

According to her, the Commission has revamped Micro Pension Plan and leveraged technology to incentivize informal sector participation.

The PenCom boss said that her management was addressing the delay in the payment to of retirement benefits of retirees of Federal Government treasury-funded Ministries, Departments and Agencies (MDAs).

Her words,  “We are also addressing delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs. 

“Recently, N44bn was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.”

Going forward, the D-G said,  “As we integrate technology into every facet of the pension industry, we are shaping a future where the CPS becomes more accessible, reliable, and sustainable. However, this transformation requires your unwavering support as media practitioners. Your role in amplifying our efforts and enlightening stakeholders across Nigeria is crucial.

“Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement.”