By Emma Uja, Abuja Bureau Chief
The nation’s pension assets hit a record N1.529 trillion, in 2009, according to the National Pension Commission, PenCom.

The 2009 Annual Report of the commission released to media organisations, in Abuja, Wednesday, indicated that the assets grew by 39 per cent, from the previous year’s position of N 1.098 trillion.

According to the report, “the funds were invested in various classes of permissible instruments in the economy.

The report showed that 35.45 per cent of the fund was invested in local money market securities; Federal Government securities  32.61 per cent, while 14.43 per cent was invested in ordinary shares in the capital market.

Meanwhile, PenCom sanctioned 5,415 companies for non-compliance with the Pension Reform Act 2004 within the period under review, while 3,618 organisations were issued warning letters for failure to comply with the Act.  Monetary penalties were imposed on 1,797 companies.

Similarly, PenCom said public censure of 126 non- compliant organisations was carried out within the period under review.

Furthermore, the commission disclosed that it commenced legal process for the prosecution of 87.

The report indicated that non-compliant organisations were mainly operators in the private sector of the economy where some companies did not even care to register their workers, in the first place.