PenCom to review Pension Reform Act

The National Pension Commission has said it will review the Pension Reform Act 2014.

This was made known in a statement published on Friday titled ‘An initiative to review the Pension Reform Act 2014’, which was obtained on Friday.

The commission said this step initiated was to address implementation challenges and introduce improvements to the Contributory Pension Scheme.

The statement said, “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.

“This is with a view to reposition the CPS and consolidate the gains of the pension reform for the benefits of Nigerians.”

“Accordingly, and consistent with its guiding philosophy of consultation and the imperative of ensuring the conduct of a comprehensive and constructive review exercise, the commission has reached out to seek the input of its social partners, pension industry operators, financial regulators and other relevant stakeholders.”

In 2014, 10 years after the implementation of the CPS in Nigeria, the National Assembly repealed the Pension Reform Act 2004 and enacted the PRA 2014 in order to address implementation challenges and introduce improvements to the CPS.

The commission said some challenges were subsequently encountered in the implementation of certain sections of the 2014 Act.

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