NSE reviews pension index effective July 1

The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

The Nigerian Stock Exchange (NSE), on Tuesday, announced the review of the eligibility criteria for the NSE Pension Index in line with changes in the regulatory and market requirements.

Chairman, Index Governance Committee, Abimbola Babalola, said in a statement in Lagos that the amended methodology and re-balancing would be effective on July 1.

The committee chairman said the review of the index was made imperative by the need to ensure that it continues to represent the appropriate benchmark for evaluating the pension fund assets equity portfolios and remain suitable for all market stakeholders.

“The review further takes into consideration the changes in guidelines as specified in the Pension Reform Act 2014 and amended regulation on investment of pension fund assets as advised by the National Pension Commission and market requirements in the amendments’’.

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Mr Babalola noted that the NSE, in order to deepen the market, introduced the pension index and exposed it to the investing public in 2015.

He said the creation of the NSE Pension Index has provided benchmarks tracking mechanisms for pension fund administrators and other users that follow the PENCOM guidelines.

The NSE pension tracks the top 40 companies in terms of market capitalisation and liquidity.

(NAN)



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