PENSION

PENSION ASSETS HAS GROWN TO N6.7 TRILLION
The National Pension Commission (PenCom) says that pension assets under the Contributory Pension Scheme (CPS) has grown to N6.7 trillion as at the end of May 2017.PenCom recently revealed in a report that 73.14 per cent of the total funds had been invested in Federal Government

securities.

The regulator said that the aggregate Pension assets under the CPS grew from N4.61 billion as at the end of December 2014 to N5.3 trillion in 2015.

Earlier this year, the commission renewed the regulations of investment of Pension funds. In the renewed regulations, PenCom stated that Pension Fund Administrators (PFAs) must offer multi-fund structure for the Retirement Savings Account (RSA) with a transition period of six months. Effective from the commencement date of the multi-fund structure for all PFAs to restructure their respective portfolios.

7.49million Nigerians Are Registered Under the National Pension Scheme

The national Bureau of Statistics (NBS) has r
eported that the Retirement Savings Account (RSA) membership distribution data for Q1 2017 shows that 7,493,599 workers are registered under the pension scheme compared to 7,348.028 regis
tered workers in Q4 of 2016 out of a total working population of 69,470.901 as record

7.49million Nigerians Are Registered Under the National Pension Scheme

 

ed as at Q4 20
16. Many believe that this growth in membership of workers in the RSA is borne out of confidence in the safety of the funds by workers.
R255million in Mine Workers Cash Lost in Pension Scam.

R255million in Mine Workers Cash Lost in Pension Scam.

In a case  reminiscent of the heartbreaking Fidentia scandal, a pension fund administrator has R255 million worth of mine workers money. There are now fears that the amount lost by Bophelo Beneficiary Fund ( BBF) could be as much as R560 million – a devastating blow to the families of deceased mine workers who rely on the money to survive. In 2007, Fidentia  scandal the company’s boss J Arthur Brown, squandered about R1.3 billion in investments leaving more than 47,000 beneficiaries mainly mine workers and their families in financial hardship. In this case, pension money belonging to workers at Anglo Platinum was invested in BBF, which is administered by Bophelo Benefit Services, a subsidiary of Mvunonala Holdings. Although it is unclear what happened to the money, investigation has shown that, in trying to hide the lost R255million, the BBF which holds the fund on behalf of Amplats Group Provident Fund (AGOF) and its 7, 229 beneficiaries appears to have ‘doctored ‘ their financial statements for the year ended 2016.
Lagos State Leads In Insurance & Pension Laws Implementation

Lagos State Leads In Insurance & Pension Laws Implementation

The National Pension Commission (Pencom) said 32 out of the States in the nation are yet to initiate group life Insurance for their workers only Lagos, Osun, Rivers & Niger States had commenced Implementation of the scheme. In the same vein, the Lagos government is to introduce mandatory Insurance for all existing and new buildings in line with the insurance Act 2003 Provisions.