PenCom commences review of Pension Act

The National Pension Commission (PenCom) has announced the commencement of the review of the Pension Reform Act, 2014.

A statement released Thursday by the commission revealed that the review was in line with the persistent clamor for amendment from individuals and interest groups as well as several legislative attempts on the amendment of some Sections of the PRA 2014 in the last three years.

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In 2014, which was ten years after the implementation of the Contributory Pension Scheme (CPS) in Nigeria, the National Assembly repealed the Pension Reform Act of 2004 and enacted the Pension Reform Act (PRA 2014) in order to address implementation challenges and introduce improvements to the Contributory Pension Scheme.

However, PenCom said some challenges were subsequently encountered in the implementation of certain Sections of the 2014 Act.

“This is with a view to reposition the CPS and consolidate the gains of the pension reform for the benefit of Nigerians.

“Accordingly, and consistent with its guiding philosophy of consultation and the imperative of ensuring the conduct of a comprehensive and constructive review exercise, the commission has reached out to seek the input of its social partners, pension industry operators, financial regulators, and other relevant stakeholders,” the Commission stated.

PenCom expressed confidence that the input received from stakeholders would benefit the exercise and result in workable and acceptable pension legislation.