…as Pension assets hit N22.3trn in Nov.
Staying on top of your pensions more than ever has become very important. This does not only put you in safe situation to take better decisions on your finances, it has become even cheaper to do so with availability of different tools.
According to experts, just as you regularly monitor your bank account, keeping track of your pension balance is crucial for ensuring a secure financial future.
“With easy access to digital tools and platforms, it’s now simpler than ever to stay informed about your pension savings, giving you the peace of mind to plan for retirement with confidence, according to one of the Pension Fund Administrators.
According to analysts at PenOp, when some contributors were asked when last they checked their Retirement Saving Account (RSA) balance, you often hear “never”, “a long time ago” or “how can I check my RSA balance”.
Read also: PenCom strengthens regulations on pension fund investments in commercial papers
They said, like a contributor’s bank account, pension funds have invested in tools that enable account holders interact with their RSA accounts.
According to them, a recent study by KPMG, shows that an average of 24.6 percent of respondents said they had never interacted with their RSAs through any channel.
“It is recommended that contributors engage with their RSAs, look at their balances and contributions at least every few months. This helps to keep them inform of how their savings are doing, Oguche Agudah, CEO, PenOp stated.
Nigeria’s pension assets has risen to N22.26 trillion at the end of November 2024 from N21.92 trillion, indicating an additional N337.3 billion in pension growth, a recent data released by the National Pension Commission (PenCom),
According to the unaudited report on Pension Funds Industry Portfolio for the period recently released by PenCom, enrolment, which shows the number of registered RSA holders has also risen to 10, 562,002 at the end of Novermenber.
Pension Fund Administrators (PFAs) in their quest for returns and safety continued with their strategic investment in FG securities.
The data shows that the PFAs invested N13.833 trillion in Federal Government Securities, with FGN bonds accounting for N11.96 trillion.
Money market instruments gulped N2.22 trillion, while domestic ordinary shares accounted for N2.12 trillion.
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