Acting Director-General, Mrs Aisha Dahir-Umar, has said that the Contributory Pension Scheme (CPS) has accumulated up to N8.50 trillion pension fund assets as at November 2018.
Dahir-Umar spoke while receiving the “Outstanding Regulator of the Year 2018” Award at the Independent Newspapers Limited, publishers of Daily Independent Newspapers Award Ceremony held in Lagos. The Commission was extolled for its strides in implementing the CPS and moving pension administration to new heights.
She said that under her stewardship, public confidence and acceptability of the CPS has soared and membership has grown to 8.41 million contributors as at December 2018.
According to her total of 260,808 retirees are also receiving monthly pensions regularly, while the commission has witnessed innovations such as Pension Enhancement for retirees under the Programmed Withdrawal, the Multi Fund Structure amongst others.
She further disclosed that the commission is poised to bring the informal sector into the CPS, through the Micro Pension Plan. This Plan avails pension services to self-employed persons and persons working in organisations with less than three employees.
She expressed joy that the award is in recognition of PenCom’s relentless pursuit of excellence in regulating the pension industry.
The Acting DG was represented by the Commission’s Secretary /Legal Adviser Mr. Muhammad Sani Muhammed.
