Pension

PenCom Initiates Plans To Review Pension Reform Act 2014

NKECHI NAECHE-ESEZOBOR—-The National Pension Commission (PenCom) on Thursday said it has initiated the process of reviewing the Pension Reform Act (PRA) 2014 in order to address identified challenges and public clamour, Inspenonline can report.

This is contained in a statement issued by the Head, Corporate Communications Department, PenCom, Peter Aghahowa, that the review is with a view to reposition the Contributory Pension Scheme (CPS) and consolidate the gains of the pension reform for the benefit of Nigerians.
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which was ten years after the implementation of the Contributory Pension Scheme (CPS) in Nigeria, the National Assembly repealed the Pension Reform Act of 2004 and enacted the Pension Reform Act (PRA 2014) in order to address implementation challenges and introduce improvements to the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, some challenges were subsequently encountered in the implementation of certain Sections of the 2014 Act. Furthermore, within the last three years, there have been persistent clamour 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 light of these developments, therefore, the National Pension Commission, as a regulator of the Pension Industry, has decided to initiate the process of the review of the PRA 2014 in order to address the identified challenges and public clamour. 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.

We are confident that the input received from stakeholders would immensely benefit the exercise and result to a workable and acceptable Pension Legislation.

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