Oil and Gas Free Zones Authority Nigeria

More Nigerians Registered Under the Pension Scheme

More Nigerians Registered Under the Pension Scheme

By Folakemi Emem-Akpan

There are no more Nigerians registered under the pensions scheme in the third quarter of 2017 than there were in the second quarter of the year. According to the newly released Pension Asset and RSA Membership Data, 7,710,564 workers are currently registered under the pension scheme, as compared to 7,589,936 registered workers in Q2 2017.

This represents a 1.6 per cent growth rate over the last quarter. Also, the Pension Fund Asset under Management as at Q3 2017 stood at N7.164 billion as against N6.832 billion in Q2 2017.

FGN Bonds had the highest weight percentage of 54.09 per cent of the total pension fund assets, closely followed by treasury bills with 17.73 per cent weight, and then domestic ordinary shares with 8.66 per cent weight while infrastructure funds had the least with 0.07 per cent weight.

Participants within 30 and 39 years of ages have the highest percentage composition, closely followed by participants less than 30 years. This was followed by individuals within the age bracket of 40-49 years. Participants above 60 years had the least percentage composition. Across board, males had a higher share than females did.

Of the total 7,710,564 persons covered under the pension scheme, 5,469,596 were male while only 2,240,968 were female.

 

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