Director General’s Remarks on PenCom 3rd Quarter 2022 Report

December 6, 2022 PensionNigeria

National Pension Commission (PenCom) has released its 3rd quarter 2022 report on the Pension Industry and the first item in the report is the Director General’s Remarks which provide a summary of the key takeaways for the quarter.

Director General’s Remarks

I am most delighted to present to you the Commission’s third quarter 2022 report, which highlighted significant developments in the pension industry.

This Report provides industry stakeholders and the general public with details of strategic activities that focused on ensuring the prompt payment of retirement benefits, as well as efforts aimed at promoting a vibrant and sustainable pension industry that positively impacts the Nigerian economy.

I would like to commend the sustained efforts of the Staff and Management of the Commission, which ensured the achievement of the Commission’s medium and long-term objectives. I am also delighted to mention that despite the overwhelming head-winds in the global economic climate and the country’s challenging macroeconomic environment, the Pension Fund Assets under Management (AuM) increased by N156.74 billion from ₦14.27 trillion as 30 June 2020 to N14.42 trillion as at 30 September 2022. This laudable performance, in the growth of the AuM, points to the fact that the pension industry will continue to deliver value and benefit to its stakeholders and the nation’s economy.

During the period under review, the Commission steadily pursued increased diversification of Pension Fund portfolios by ramping up efforts aimed at ensuring sustained investment of Pension Fund in alternative Asset classes and structured infrastructure projects that meet the stringent requirements as enshrined in the Regulation for the Investment of Pension Fund Assets.

Although the Commission’s efforts at diversifying investments of pension funds and hedging against inflation has gradually begun to yield results, it is, however, worthy to note that efforts are ongoing to ensure that the annualized average rates of return of pension funds across RSA and Legacy Funds are above headline inflation rates.

Perhaps, the most significant achievement recorded in the third quarter of 2022 was the successful issuance of Guidelines on Accessing RSA Balance towards payment of Equity Contribution for Residential Mortgage.

The Guidelines give effect to Section 89(2) of the Pension Reform Act (PRA) 2014, which allows eligible RSA holders to apply a percentage of the balances in their Retirement Savings Accounts for payment of equity contribution towards residential mortgage for employees of the Public, Private and the Informal Sectors.

These significant achievement in the Nigerian Pension Industry could not have been possible without the right people, strategy, culture and governance structures that support the delivery of consistent and sustained value for all our stakeholders. We have, once again, demonstrated our firm assurance to serving the needs of our stakeholders and providing global best practices in pension regulation and supervision.

Thank you.
Aisha Dahir-Umar
PenCom Director General

Check below for PensionNigeria breakdown of all the important aspects of the PenCom 3rd Quarter 2022 Report

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DONT MISS our 3rd Quarter 2022 Report Series

Director General’s Remarks on PenCom 3rd Quarter 2022 Report
Analysis of Pension Operating Environment 3rd Quarter 2022
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q3 2022
Recovery Agents recover ₦23.30 billion from Defaulting Employers as PenCom takes 19 Employers to Court over Non-Remittance of Pension Contributions in Q3 2022
Update on NSITF & Refund of Pension Contribution to Military & SSS Q3 2022
Lagos State only paid about half of the amount it committed to clear outstanding Accrued Rights of its Retirees
Kaduna State is not fully Implementing Contributory Pension Scheme but seeks PFAs to invest Pension Funds in Kaduna State Bonds
Ekiti State Pays 1st Batch of Retirees under CPS, plans to implement VC for Exempted Employees
Zamfara State exited CPS & PenCom has refund their Pension Contributions but Retirees are still not better off
Update on Benue & Bauchi State Pension Reform Laws
PenCom Engagements with 5 States on Implementation of Contributory Pension Scheme
Update on RSA Transfer System (RTS) 3rd Quarter 2022
Micro Pension Registrations per PFA & Fastest Growing PFAs as at 30 September 2022
Micro Pension Contributions received per PFA Q3 2022
Update on the Micro Pension Plan Q3 2022
List of Organisations Issued Compliance Certificates as at 30 September 2022
Total RSA Registration as at 30 September 2022
Status of Contributory Pension Assets as at September 2022
Biggest PFAs & Fastest Growing PFAs by RSA Registrations 30 September 2022
RSA Registration Age and Gender Breakdown for Q3 2022
PenCom approved over N1.66 Trillion for PFAs to pay RSA Holders as at Q3 2022
Status of Implementation of CPS in States as at 30 September 2022

Also Check out
Performance of all PFAs in Nigeria for January to September 2022 (Year to Date)

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