Pension Funds Administrators Invest N55.25bn
The Pension Funds Administrators said a total sum of N55.25 billion has been invested under the Contributory Pension Scheme in infrastructure as of the end of May.
This was stated in the commission report titled ‘Summary of pension fund assets as at 31 May, 2020’ obtained on Monday.
According to the report, the total assets under the Pension Funds Administrators stood at N10.79 trillion during the period under review.
In the commission amended investment regulation, it had stated that it would invest the funds in line with the provisions of Pension Reform Act, 2014.
This was also stated by the PenCom. The PenCom said the Pension Funds Administrators must maintain a multi-fund structure in line with the regulation.
It stated, “In addition to the requirements of other guidelines issued by the commission on corporate governance, ethics and business practices, each PFA shall establish an investment strategy committee as well as a risk management committee, in compliance with section 78 of the Pension Reform Act, 2014.
“The investment strategy committee, in addition to other functions specified in the Act, shall formulate internal investment strategies to enable compliance with this regulation, taking into cognisance the macro-economic environment as well as the investment objectives and risk profile of the respective PFA Funds.”