The Contributory Pension Scheme rose by 0.75 per cent to N12.34tn in the month of March 2021, from N12.248tn in February 2021.
The National Pension Commission disclosed this in its unaudited report on pension funds industry portfolio for the period ended March 31.
It showed that the total pension funds increased by N92bn in the reviewed month after losing some funds in February.
According to the report, in February, the commission recorded a decline of N51.30bn in pension fund assets.
Analysis by Financial Street, showed that relative to February, total FGN (Federal Government of Nigeria) Securities increased by N374.19bn from N8.13tn to N8.51tn in March. Even as local money market securities rose by N52.72bn to N1.68tn in March from N1.62tn in February.
Corporate debt securities, however, dropped by N249.73bn from N870.3bn in February to N620.57bn in March. Also, mutual funds declined by N11.53bn from N158.96bn in February to N147.43bn in March.
The report also revealed data on the approved existing schemes, Closed Pension Fund Administrators and Retirement Savings Funds including unremitted contributions at Central Bank of Nigeria and legacy funds.
The CPS is a mandatory scheme that compels employees and employers in the public and private sectors to collectively save a minimum of 18 per cent of an employee’s monthly emolument into the employee Retirement Savings Account, from where employees will be paid retirement benefits.
Meanwhile, the total registration for RSA as at March stands at 9.3 million.
