PenCom initiates process to review 2014 Pension Reform Act


By Rukayat Adeyemi
Lagos, Aug. 6, 2020 The National Pension Commission (PenCom) on Thursday said it had initiated the process of reviewing the 2014 Pension Reform Act (PRA), to address identified challenges and public clamour.

PenCom’s Head, Corporate Communications Department, Mr Peter Aghahowa, said in a statement in Lagos that the exercise was to reposition the Contributory Pension Scheme (CPS).

Aghahowa said that the review would also consolidate the gains of the pension reforms, for the benefit of Nigerians.

He said that the commission had reached out to seek the inputs of its social partners, pension industry operators, financial regulators and other relevant stakeholders.

“In 2014, which was 10 years after the implementation of the CPS in Nigeria, the National Assembly repealed the PRA of 2004 and enacted the PRA of 2014.

“This was in order to address the implementation challenges and introduce improvements to the CPS.

“However, some challenges were subsequently encountered in the implementation of certain sections of the 2014 Act.

“Furthermore, within the last three years, there has 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,” Aghahowa said.

He said that the inputs received from stakeholders would immensely benefit the exercise and result in a workable and acceptable pension legislation.

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