PenCom Officially Commences Review of Pension Reform Act 2014 – PensionNigeria

PenCom Officially Commences Review of Pension Reform Act 2014

National Pension Commission (PenCom) has officially commenced the process of reviewing the Pension Reform Act 2014 in order to address identified challenges, effect public clamour, reposition the Contributory Pension Scheme and consolidate the gains of the pension reform for the benefit of Nigerians. This was disclosed in a statement released by the Head, Corporate Communications Department of PenCom, Mr Peter Aghahowa.

Extract from the statement,

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2014, which was ten years after the implementation of the Contributory Pension Scheme in Nigeria, the National Assembly repealed the Pension Reform Act of 2004 and enacted the Pension Reform Act (PRA 2014) in order to address implementation challenges and introduce improvements to the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

“To better conduct a comprehensive and constructive review exercise, PenCom reached out to its social partners, pension industry operators, financial regulators and other relevant stakeholders seeking their input. We are confident that the input received from stakeholders would immensely benefit the exercise and result to a workable and acceptable Pension Legislation.

If you have any input, kindly send to your Pension Fund Administrator (PFA).

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