The Contributory Pension Scheme (CPS) assets have hit N16 trillion, says the National Pension Commission (PenCom).

Director-General of PenCom, Mrs Aisha Dahir-Umar, stated that pension assets, which were N14.99 trillion as at December 2022, increased to N16 trillion, with an increase of N1.77 trillion, at the end of June, being the first half of 2023.

She made the disclosure at a conference organised for journalists covering the pension and labour industries, on Thursday in Lagos.

The director general also disclosed that within the period under review, the database of PenCom’s Contributory Pension Scheme contributors increased to 10 million from its recorded 9.86 million figure in December 2022.

She said the figure of contributors rose from 9.86 per cent recorded at the end of 2022, Pension Scheme (CPS) rose to 10 million members as at June from 9.86 million members recorded at the end of 2022.

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According to her, the membership of the CPS within the period under review increased by 146,920.

The DG noted that CPS had ensured that public and private sector workers could build retirement savings throughout their working lives, fostering financial security during their golden years.

According to her, PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

The Star