Pension fund assets grows to N20.22trn in May 2024, says PenCom

The National Pension Commission (PenCom) has said total pension fund assets increased to N20.22 trillion in May 2024.

This is an increase of 2.23 percent compared to the N19.78 trillion recorded in April 2024, according to PenCom’s data on the pension funds industry portfolio for the period ended May 31.

The commission’s data showed that 63.22 percent or N12.78 trillion of the total funds were invested in federal government securities, comprising bonds and treasury bills.

PenCom said about 10.83 percent of the funds were invested in corporate debt securities — with corporate bonds getting the largest share.

According to PenCom, investment for mutual funds increased in May by 47 percent to N95.27 billion compared to N85.18 billion recorded in April.

The agency said pension funds recorded an increase of N440.4 billion monthly, at the end of May.

Between May 2023 and 2024, the commission said membership of the retired savings account (RSA) has also increased by 356,795 to 10,351,624.