The Pension Fund Administrators have recorded N7.98tn profit from investing contributions made by workers into their Retirement Savings Accounts under the Contributory Pension Scheme, according to a new report.
The report, from the Pension Fund Operators Association of Nigeria, revealed that the total funds under the CPS stood at 17.37tn as of the end of second quarter of 2023.
Contributions made by the workers from both private and public sectors stood at N9.37tn in the period under review.
The report titled, “At the dawn of 20 years of pension reform, what are the gains?’ and released by the Chief Executive Officer, PenOp, Mr Oguche Agudah, showed that workers’ contributions accounted for 54 percent, while the return on investment accounted for 46 percent of the entire pension funds as of the end of June 2023 from the beginning of the CPS in 2004.
