Pension assets now N8.50tn, as membership grows to 8.41m contributors

Matthew Otoijagha

Pension assets have soared to N8.50 trillion as at November 2018, even as six underwriting and 17 broking firms contributed and remitted over N426.36 million for their employees in 2018.

The National Pension Commission (PenCom) stated this on its summary of pension fund assets as at 30 November 2018 and Schedule of Employers Issued with Certificate of Compliance with Provision of the Pension Reform Act (PRA) 2014 as at January 21, 2019.

PenCom also noted that public confidence and acceptability of the Contributory Pension Commission (CPS) has soared and membership has grown to 8.41 million contributors as at December 2018 and a total of 260,808 retirees are receiving monthly pensions regularly.

According to PenCom, insurance operators such as, Leadway Assurance Limited, which has 287 employees, contributed and remitted N137.11 million; AIICO Insurance Plc. remitted N145.06 million for 259 employees; Linkage Assurance Plc. N50.66 million for 164 employees; Custodian Life Assurance Limited, N19.38 million for 47 employees; Custodian and Allied Insurance Limited, N55.67 million for 125 employees and Guinea Insurance Plc. N24.31 million for 96 employees.

Others are Plum Insurance Brokers Limited, N1.15 million for six employees; Risk Analyst Insurance Brokers Limited, N3.09 million for 15 employees; Colximate Insurance Brokers Limited, N1.36 million for six employees; Favour Insurance Brokers Limited, N1.13 million for nine employees and more.

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