Pension contributions grow to N184.68 in Q3 2020

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By Favour Nnabugwu

National Pension Commission (PENCOM) indicates that the total pension contributions grew by N184.68 billion in Q3 2020.

Of this sum, the Public sector contributed N117.70 billion, 63.73percent. The private sector contributed the sum of N66.98 billion, 36.27 percent

According to the PenCom report, the cumulative pension contributions received from both the public and private sectors from inception to the end of the third quarter of 2020 (Q3 2020) amounts to N6.38 trillion.

This represents a growth of 2.98 percent of the cumulative contributions as of the end of the second quarter 2020 (Q2 2020) at N6.19 trillion.

The cumulative pension contributions of the public sector increased by 3.76 percent from N3.13 trillion as at the end of Q2 2020 to N3.25 trillion as at the end of Q3 2020.

On the other hand, the cumulative pension contributions of the private sector on the increased by 2.19 percent from N3.06 trillion as at the end of Q2 2020 to N3.13 trillion as at the end of Q3 2020.

A collapse of the industry portfolio shows that the the funds were mainly invested in Federal Government Securities, with an allocation of about 65.29percent the total pension assets (FGN Bonds: 57.41percent, Treasury Bills: 6.75percent Sukuk Bonds: 0.93percent, while Agency Bonds and Green Bonds: less than 1percent) during Q3 2020.

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