Premium Pension is one of the first set of Pension Fund Administrators (PFA) licensed by the National Pension Commission (PenCom) in December 2005.
The company ended the 2023 financial year with 794,946 RSA holders in the 7 publicly available pension funds it manages, an increase of 22,061 RSA holders from 772,885 RSA holders in 2022, a growth of 2.85%.
Additionally, assets under management of the 7 audited funds published was ₦978.35 billion, up 13.71% from ₦860.43 billion in 2022.
Premium Pension Limited’s revenue for the fiscal year ending on December 31, 2023, amounted to ₦11.63 billion, up 15.84% when compared to revenue of ₦10.04 billion recorded in 2022.
Premium Pension has all 7 regulated RSA pension funds available to the public.
For the period ending on December 31, 2023, the audited unit price of the Premium Pension Fund I appreciated by 16.68%, while Fund II appreciated by 15.50%.
Fund III recorded a growth of 10.48%, Fund IV appreciated by 9.72%, Fund V by 12.97%, Fund VI – Non-Interest (Active) by 10.19% whilst Fund VI – Non-Interest (Retiree) fell by 6.09%.
Early in December 2023, PenCom, the regulator introduced benchmarks for each of the asset classes that PFA’s investment client assets. As such PFA’s performances in managing client pension funds will now be benchmarked against respective composite indices.
PenOp, the trade association for the PFA’s in March 2024 released a performance report showing the breakdown of each fund group’s benchmark for 2023.
Premium Pension Fund performances when compared to the benchmarks released are as follows:
5-year historical audited fund returns are as follows:
See out for our 2024 report detailing all fund rankings for 2023 in the 2024 Money Counsellors Annual Report on Pensions (MCARP 2024). Download the 2023 report here.
This article was written by Michael Oyebola. For more information and analysis, visit moneycounsellors.com