Lawmakers Pass Retrospective Bill to Exempt National Assembly Service from Contributory Pension Scheme
The House of Representatives has passed a bill to amend the Pension Reform Act, 2014, to exempt personnel of the National Assembly Service from the contributory pension scheme and to establish the National Assembly Service Pensions Board.
The proposed legislation titled: ‘Bill for an Act to Amend the Pension Reform Act, 2014, to Exclude/Exempt the National Assembly Service from the Contributory Pension Scheme and Establish the National Assembly Service Pension Board; and for Related Matters (HB. 2025)’, was sponsored by the Chairman, Committee on National Planning and Economy Development, Hon. Olododo Cook.
Leading the debate in July, Cook said the bill intended to exit the National Assembly Service from the application of the contributory pension’s scheme under the Pensions Reform Act, 2014, and the board, when established, would be charged with the responsibility of administering the pension’s scheme for personnel of the service.
According to him, “The proposed amendments provide that there is established Pension Board (in this bill referred to as ‘the Board) which shall be charged with the responsibility of managing payment of pensions and gratuities to all personnel of the service. The bill shall apply to all personnel of the National Assembly Service, including those who had retired before the commencement of this bill. The retirement benefits of personnel referred to in sub-Section (2) shall be adjusted to be commensurate with the provisions of this bill.
“They shall be charged on and paid out of the Consolidated Revenue Fund of the federation; all such sums of money as may, from time to time, be granted by the federal government by way of pension and gratuity in accordance with this bill. The proposed legislation states that no pension or gratuity shall be granted to any personnel except on his retirement from the service in any of the following circumstances: after serving for 40 years or attained the age of 65 years, whichever is earlier; upon voluntary retirement after serving for not less than 10 years; upon compulsory retirement under the provisions of Section 5 (1) of this bill; upon compulsory retirement for the purpose of facilitating improvements in the service so that greater efficiency or economy may be effected.”
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