Registration for pension scheme hits 8.85m, funds now N9.6tn

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The National Pension Commission (PenCom) has said the number of Nigerian workers that have registered under the Contributory Pension Scheme (CPS) has hit 8.85 million.

The acting Director General of PenCom, Mrs. Aisha Dahir-Umar disclosed this in Benin, the Edo State capital on Thursday during a pension seminar, adding that pension assets, as at the end of September stood at N9.58 trillion.

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She said: “As of September 2019, the number of registered contributors under the CPS had grown to 8.85 million while pension fund assets had grown to N9.58tn. This growth indeed justifies our emphasis on the safety of pension funds as the bedrock of sustaining the CPS. We assure all stakeholders that the pension reform remains steadily on course.”

Dahir-Umar pointed out that it was the strategic focus of the commission to expand access to pension via the CPS, as a veritable tool for economic development.

This, according to her, align with the pension reform objective of old age poverty reduction and improvement in the welfare and general standard of living.

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