Pension fund grows by N1.25 trillion in one year

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The pension fund grew from N4.61 trillion to N5.46 trillion between March 2015 and March 31, 2016, the growth between the first quarter 2015 and first quarter (Q1) 2016 represents 18.4 per cent (N0.85 trillion) in one year.

The fund has however grown to N5.96 trillion as at September last year. This was contained in the National Pension Commission (PenCom) Quarterly Pension Industry Statistics released to journalists in Lagos.

The industry witnessed 7.86 per cent growth in the Contributory Pension Scheme (CPS) membership during Q1 2016 as it recorded 7,071,791 contributors from 6,515,736 contributors it recorded in the preceding year.

Further analyses showed that the total monthly pension contribution made by contributors from both the public and private sectors into the RSAs of employees was N3.55 trillion as at the end of first quarter last year, an increase from N2.95 trillion as at the end of first quarter of the previous year.

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