August 7, 2020

PenCom to initiate pension reform act 2014 review

Pencom, Pension

National Pension Commission (PenCom) is set to initiate a review of the Pension Reform Act (PRA) 2014.

PenCom’s Head of Corporate Communication, Mr. Peter Aghahowa, made this known in a statement in Abuja on Thursday.

He said that the National Assembly repealed the PRA 2004 and enacted the PRA 2014 to address implementation challenges and introduce improvements to the Contributory Pension Scheme (CPS).

“Some challenges were subsequently encountered in the implementation of certain sections of the 2014 act.

“Within the last three years there has been a persistent clamour for amendments from individuals and interest groups, and also several legislative attempts on the amendment of some of the sections of PRA 2014,”  Aghahowa said.

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He said that PenCom, as a regulator of the pension industry, has decided to initiate the process to review the PRA 2014 in order to address the identified challenges and public clamour.

Aghahowa said that the review would help to reposition the CPS and consolidate the gains of the pension reform for the benefit of Nigerians.

He said that consistent with the Commissions would reach out to seek input from its social partners, pension industry operators,  financial regulators, and other relevant stakeholders.

“We are confident that the input received from the stakeholders will immensely benefit the exercise and result in a workable and acceptable pension legislation,” Aghahowa said.

The New Agency of Nigeria (NAN) reports that the 2004 PRA introduced the CPS.