We have invested N66.86bn in infrastructures – Pension Operators

Pension fund administrators claimed to have invested N66.86bn funds under the Contributory Pension Scheme in infrastructure.

This was disclosed on Friday, by the National Pension Commission titled ‘Unaudited report on pension funds industry portfolio for the period ended 31 July 2021: Approved existing schemes, closed pension fund administrators and RSA funds.’

The commission said that its total funds as of July 2021 is N12.78tn.

It also said that the total Retirement Savings Accounts stood at 9.4 million as of June.

“The commission had in its amended investment regulation highlighted the requirements for investing the funds in line with the provisions of Pension Reform Act, 2014.”

“PenCom stated that the PFAs must maintain a multi-fund structure as provided in the regulation to govern the investment of pension fund assets of RSA funds.”

Pencom said, “In addition to the requirements of other guidelines issued by the commission on corporate governance, ethics and business practices, each PFA shall establish an investment strategy committee as well as a risk management committee, in compliance with section 78 of the Pension Reform Act, 2014.

“The investment strategy committee, in addition to other functions specified in the Act, shall formulate internal investment strategies to enable compliance with this regulation, taking into cognisance the macro-economic environment as well as the investment objectives and risk profile of the respective PFA Funds.”