The company in a statement signed by Head, Media and External Relations,
Besides, fee income increased by 24 per cent to N1.7 billion (
While profit for the period was up 42 per cent for the half year to N1.3 billion above the prior-year position of N0.90 billion.
However total assets dropped by 4.7 per cent y-t-d to N6.02 billion in
The total market value of assets under custody as at
The assets under custody comprise pension assets of N1.46 trillion and
Also, it expects the new Pension Reform Act 2014 (PRA 2014) which repeals the Pension Act 2004 to address some of the challenges that have been encountered in the effective implementation of PRA 2004.
It added that among others, the PRA 2014 approved the upward review of rate of pension contribution from 15 per cent to 18 per cent , enhanced the coverage of the contributory pension scheme in the private sector, and increased the powers of the Commission on regulatory and enforcement activities and protection of pension fund assets.
While noting that it will also unlocks opportunities for the deployment of pension assets for national development whilst guaranteeing their safety and provides for the participation of the informal sector and framework for the adoption of the pension act.
On Contributory Pension Scheme by States and Local Governments, it said that the
This will consequently increase the value of pension assets and drive confidence in the sustainability of the pension industry in
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