The National Pension Commission (PenCom) is set to approach the National Assembly to review some salient issues and sections in the Pension Reforms Act of 2014. The decision was arrived at yesterday at a retreat on the review of the 2014 Act in Abuja.
The PRA 2014 was enacted following a review of the initial pension reform Act of 2004, which introduced legal and institutional frameworks of the Contributory Pension Scheme (CPS) and established PenCom to regulate and supervise all pension matters in Nigeria.
At the retreat that was held between 12 and 14 January, 2022, PenCom sort to identify salient issues to be reviewed in the 2014 reform Act as a prelude to advancing legislative action on the bill.
It is expected that the National Assembly would subsequently organise a public hearing in order to provide an avenue for stakeholders to formally make input into the proposed amendments.
Speaking during the opening ceremony of the retreat, director-general of PenCom, Aisha Dahir-Umar, informed the participants that the PRA 2014 codified one of the most important socioeconomic reform initiatives of the federal government, leading to a pension industry that has accumulated pension assets in excess of N13 trillion invested in various aspects of the Nigerian economy.
She noted that the review is a corollary to some implementation challenges encountered with certain sections of the Act not long after its enactment in July 2014.
This, she stressed, is in addition to persistent calls from stakeholders for the amendment of some sections of the Act, which resulted in several legislative initiatives through the sponsorship of bills for amendment of the PRA 2014 by the National Assembly.
Consequently, the commission, as the regulator of the pension industry, decided to coordinate and harmonise the various efforts in order to achieve a more comprehensive and constructive exercise for the review of the PRA 2014.