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Pension Scheme Grows By N184.68bn In Three Months

Pension Scheme Grows By N184.68bn In Three Months

The National Pension Commission (PenCom) disclosed that the Contributory Pension Scheme saw an increase of N184.68 billion in the third quarter of the year 2020.

This was stated in the commission’s third quarter report on the pension scheme.

It revealed that the public sector accounted for more, with N117.7 billion (63.73 percent), while the private sector added a total of N66.98 billion (36.27 percent) to the scheme.

The report read partly, “The total pension contributions grew by N184.68bn within the third quarter of 2020.

“Out of this total, the public sector accounted for N117.7bn or 63.73 per cent while the private sector contributed N66.98bn or 36.27 per cent.

“The cumulative pension contributions received from both the public and private sectors from inception to the end of the third quarter of 2020, therefore, amounted to N6.37tn, up from the N6.19tn as at the end of the second quarter, 2020, representing a growth of 2.98 per.”

Public-Private Pension Contributions

The private sector’s pension contributions saw a 2.19 percent increase in the second quarter (Q2) of 2020, moving from N3.06 trillion to N3.13 trillion at the end of the period under review.

While the public sector’s pension contribution saw a 3.76 percent growth increase from the recorded N3.13 trillion at the end of the second quarter to N3.25 trillion under the period under review.

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In the report, the top five Pension Fund Administrators (PFAs) had a total of 73.28 percent of the total pension contributions at the end of the third quarter.

In the same vein, when ranked, the top 10 PFAs made accumulated a total of 89.36 percent of the aggregate contributions.

About Author

Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

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