The regulatory body of the Nigerian Pension Industry, the National Pension Commission (PenCom) said it has deliberated on the review of the Pension Reform Act 2014 (PRA 2014).
This was contained in a statement to newsmen signed by Peter Aghahowa, Head, Corporate Communications of PenCom, who disclosed that the regulator organised the retreat on the review of PRA 2014 in Abuja between January 12th and 14th, according to NAN.
According to Aghahowa, the retreat was aimed at identifying salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the Bill.
What they are saying
Aghahowa said it is expected that the National Assembly would subsequently organise a public hearing to provide an avenue for stakeholders to formally make input into the proposed amendments.
He also said that the PRA 2014 was enacted following a review of the initial PRA 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.
According to him, the Director-General of PenCom, Aisha Dahir-Umar during the opening ceremony of the retreat, had informed the participants that the PRA 2014 codified one of the most important socio-economic reform initiatives of the Federal Government, highlighting that this has brought about a pension industry that has accumulated pension assets in excess of N13 trillion invested in various aspects of the Nigerian economy.
She added 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.
She said, “This was also an 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 harmonize the various efforts in order to achieve a comprehensive and constructive exercise for the review of the PRA 2014.”
What you should know
The 2014 pension reform act repealed the pension reform act of 2004 making provision for the uniform contributory pension scheme for public and private sectors in Nigeria.