PenCom to put in motion processes for review of 2014 Pension Act

The National Pension Commission (PenCom) is to put in motion processes for the review of some salient issues in the Pension Reforms Act (PRA) ,2014.

The decision was the outcome of the retreat organized by PenCom on the review of the 2014 Act in Abuja.

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The Act was enacted as a result of the review of the initial Pension Reform Act of 2004 which introduced legal and institutional framework of the Contributory Pension Sheme (CPS) and established PenCom to regulate and supervise all pension matters in Nigeria.

Specifically, at the retreat held last week in Abuja, PenCom sort to identify salient issues to be reviewed in the 2014 Reform Act as a prelude to initiating legislative process on the bill in the National Assembly.

It is expected that the National Assembly would subsequently organize a public hearing in order to provide avenue for stakeholders to make inputs into the proposed amendments.

Welcoming participants during the opening ceremony of the retreat in Abuja, Director General of PenCom, Aisha Dahir-Umar, said, “The retreat aimed to identify salient issues to be reviewed in the PRA 2014 as
a prelude to advancing legislative action on the Bill. It is expected that the
National Assembly would subsequently organize a public hearing in order to
provide an avenue for stakeholders to formally make input into the proposed
amendments.

The PRA 2014 was enacted following a review of the initial Pension Reform
Act of 2004, which introduced legal and institutional frameworks of the
Contributory Pension Scheme (CPS) and established PenCom to regulate and
supervise all pension matters in Nigeria.

Speaking during the opening ceremony of the retreat held on 12 January,
2022, the Director General of PenCom, Aisha Dahir-Umar, informed the
participants that the PRA 2014 codified one of the most important socio-
economic reform initiatives of the Federal Government, leading to a pension industry that has accumulated pension assets in excess of N13 trillion
invested in various aspects of the Nigerian economy.

She noted that the review is a corollary to some implementation challenges
encountered with certain sections of the Act not long after its enactment in
July 2014.

This is in addition to persistent calls from stakeholders for the amendment of some sections of the Act, which resulted in several legislative initiatives
through the sponsorship of Bills for amendment of the PRA 2014 by the
National Assembly.

Consequently, the Commission, as the regulator of the pension industry,
decided to coordinate and harmonize the various efforts in order to achieve a
more comprehensive and constructive exercise for the review of the PRA
2014.

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