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Finance

Pension Fund hits N8.67trn, says PENCOM

he total assets of pension fund with the National Pension Commission (PENCOM) is N8.67 trillion this year, PENCOM has said assuring that the fund is intact and very safe.

The Acting Director General of PENCOM, Mrs Aisha Dahir-Umar, made the disclosure, yesterday in Akure, the Ondo State capital during the 2019 First Quarter Consultative Forum for states.

Represented by the Head of States Operations Department of the commission, Dr. Dan Ndackson, Dahir-Umar maintained that since the commencement of the Contributory Pension Scheme (CPS), it has become a veritable tool for federal and state governments for accessing bonds for developmental purposes.

She said since the existence of the scheme in the past 14 years, the commission has never been found wanting or missing any kobo.

She said since the inaugural forum in 2014, many states have made tremendous progress towards adopting the CPS.

“The essence of this forum is to discuss issues associated with the implementation of contributory pension scheme in states. So we want to tell Nigerians today that pension fund assets are safe,” she said.

Declaring the forum open, Ondo State Governor Oluwarotimi Akeredolu said pension scheme occupies a strategic position in economic development.

He said it was not only an essential component of social security but also a veritable tool for nation building.

Source: Dailytrust

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