Pension Fund Assets Hit N9.58trillion As PenCom Extends MPP to Nigerians In Diaspora

Acting Director General, Mrs. Aisha Dahir-Umar

By LOVETH AZODO, Lagos

As at September 2019, pension fund assets have grown to N9.58 trillion while the number of registered contributors under the Contributory Pension Scheme (CPS) have grown to 8.85million, Acting Director General, National Pension Commission, Aisha Dahir-Umar disclosed.

This is just as the Commission plans to extend the Micro Pension Plan to Nigerians in Diaspora.

The Acting Director General who was represented by the Director, Micro Pension, Kunle Odebiyi disclosed this Thursday at the 2019 journalists’ workshop with theme “Expanding Coverage of the Pension Industry” held in Benin.

According to Umar, The growth justifies the commission’s emphasis on the safety of pension funds as the bedrock of sustaining the CPS.

Also, she assured all stakeholders that the pension reform remains steadily on course.

“As a prelude to highlighting the topical issues of this workshop, it is appropriate to apprise you of some developments on the implementation of the CPS. As at September 2019, the number of registered contributors under the CPS has grown to 8.85 million while pension fund assets have grown to N9.58 trillion.”

“These modest milestones notwithstanding, the Commission and Pension Operators are committed to actualizing the growth potentials of the pension industry, she said.

Comparing the Contributor Registration System (CRS) to Enhanced Contributor Registration System (ECRS), Head, States Operations Department, PenCom,Mrs Eniola Adebulehin stated that with the ECRS Cross Border employees can be registered in the scheme.

Furthermore, she said that with ECRS, Data fields in the DB are standardized, multiple registrations are prevented, Updates on employee/ employers’ information now seamless, Registration of employees with hand/finger challenge provided for.

On the Objectives of the CRS, she said “The commission designed and developed an enhanced CRS, called the Enhanced Contributor Registration System (ECRS) to address the challenges identified with the CRS.

“The ECRS was also designed to meet the need to harmonize the Commission’s DB with that of NIMC, in compliance with the Federal Govt’s directive on data harmonization,” she explains.