A total of N7.89 billion has been granted for home mortgages by 649 subscribers to the country’s contributory pension plan (CPS) by the National Pension Commission (PenCom).
At a press conference on the subject, the Pension Fund Operators Association of Nigeria (PenOp) disclosed this.
According to data provided by the association, as of October 2023, the total fund under the CPS was at 17.64 trillion, and over N9 trillion had been contributed by workers in both the public and commercial sectors.
According to Oguche Agudah, CEO of PenOp, employee donations made up 54% of the total. By contrast, 46% of the assets in the pension fund came from the profits on investments.
To lessen the impact of inflation on the funds, Oguche added, worker contributions were invested and returns were distributed to the workers’ pension savings.
By the end of the third quarter of 2023, he claimed, the PFAs had collected N24.8 billion from employers who had fallen behind on their payments.
According to the CEO of PenOp, in the second quarter of 2023, annuity retirees received a lump sum payment of N665.13 billion, while scheduled withdrawal retirees received N964.24 billion. This means that 442,000 retirees received a total of N1.64 trillion.
According to him, 475,235 individuals who lost their jobs before the statutory retirement age and were unable to find new employment after four months received N208.86 billion in compensation.
Nonetheless, he stated that N356.32 billion had been paid in total to 91,214 claimants in death benefits.
According to him, operators anticipate celebrating the 20th anniversary of the Pension Reform Act in 2024 and beyond, putting more of an emphasis on micropensions, and reviewing the adjustment of investment standards.
The operators, he continued, anticipated receiving more applications and permissions for the RSA mortgage, the potential start of offshore investment, and the formation of an infrastructure consortium.
