PenCom and licensed Pension Fund Administrators (PFAs) in Nigeria have been lauded for their excellent performance in 2022 despite the challenging macroeconomic environment occasioned by the COVID-19 pandemic and the ongoing Russia-Ukraine war. According to recent data from PenCom, aggregate pension assets under the Contributory Pension Scheme (CPS) in Nigeria hit N15 trillion in 2022, with the country’s 22 licensed PFAs making outstanding investment returns across the four main retirement savings accounts funds.
The Nigerian Police Force (NPF) Pensions and Access Pensions emerged as the top PFAs by investment returns across the four main retirement savings accounts funds. The NPF Pensions posted a staggering 11.86% return on investment, coming only after Stanbic IBTC Pensions, which came tops with 13.02%. The PFA also topped the Fund II table with an 11.17% return on investment, was the second-best performing PFA in December on the Fund III stream with a 1.54% return on investment, and was among the top ten performing PFAs on the Fund IV performance table with a return on investment of over 11%.
Industry watchers have attributed the PFAs’ remarkable feat to hard work and adherence to standards. Moreover, the performance of the pensions industry was not just due to the fact that the average yearly returns for pension funds I, II, III, and IV of 8.97%, 9.55%, 9.86%, and 10.22% respectively were broken, but also the number of PFAs that achieved this feat, an indication that the industry is headed north.
NPF Pensions Limited’s performance is a proof that the organization has lived up to its vision and mission of being a benchmark in Pension Fund Administration in Nigeria. The PFA was established exclusively to serve the pension assets of all police personnel in accordance with the Pension Reform Act (PRA) 2014 and has become an important stabilizing force in Nigeria’s financial market.
