Despite the challenges in the economy occasioned by the coronavirus pandemic, the total pension assets under the Contributory Pension Scheme rose by N359bn from N10.2tn as of the end of December 2019 to N10.57tn as of the end of April 2020
The Allianz Group has put Nigeria in the 64th position in the global ranking of pension development, highlighting the need for further pension reforms in the country. The first edition of the group’s pension report, titled “Allianz Global Pension Report 2020: Ready or not”, analysed different country’s pension systems with its proprietary pension indicator, called Allianz Pension Indicator
The Coronavirus pandemic that has hit investment globally would hurt the country's N10.22 trillion pension funds especially in the stock market. Although only five per cent of funds which amount to about N511 billion are invested in the capital market, the fund would have tumbled if the National Pension Commission (PenCom) had not limited investment of pension managers in the stock market.
Hello everyone, SAMI is here again. I recently met Ada, a new financial mentee to discuss retirement planning. Ada is a successful sole proprietor/entrepreneur who imports souvenirs & executes branding needs for the large corporate clientele. The business is very capital intensive and she often has to plough most of her capital & profit back into the business. Besides, earnings are cyclical and she had not considered making a conscious effort to set any savings aside towards retirement.
The National Pension Commission (PenCom) has advised all Retirement Savings Account (RSA) holders and retirees to approach their Pension Fund Administrators (PFAs) to provide their National Identity Numbers (NINs) and Bank Verification Numbers (BVN), as well and other mandatory biodata information