Economy

PenCom initiates process to review 2014 Pension Reform Act

Published

on


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“In 2014, which was 10 years after the implementation of the CPS in Nigeria, the National Assembly repealed the PRA of 2004 and enacted the PRA of 2014.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

Edited By: Folorunso Poroye/Oluwole Sogunle (NAN)

https://nnn.ng/pencom-initiates-process-to-review-2014-pension-reform-act/

South Korea confirms missing official killed by North Korea- report COVID-19: Israeli PM approves stricter lockdown Parks Australia stops Google Maps users from virtually climbing sacred indigenous sites EU says Belarus’ Lukashenko not legitimate president Orji Kalu commends FG, Abia leaders for N12bn Ohafia-Arochukwu road project NAHCON to train state pilgrims board officials on hajj savings scheme Troops eliminate Boko Haram commanders, fighters in Lake Chad – DHQ COVID-19: Nigeria’s manufacturing sector contracts further DPR outlines 4 cardinal focus for downstream operations Ndidi could be out for 3 months, says Leicester’s Rodgers Bali enlists 4,400 online influencers to promote ‘new era’ of tourism S/Korea confirms missing official killed by N/Korea – Report Coming to a cinema near you: the life of UK’s Captain Tom New York’s Metropolitan Opera to remain closed for another year Venezuelan President, Maduro says United States threat to world peace Lokoja tanker explosion: FRSC boss commiserates with victims NCDC reports 111 new COVID-19 cases, total now 57,724 Tinubu commiserates Fayose over sister’s death Don urges labour leaders to shun selfish interest to earn public trust NGO to celebrate 60 outstanding Nigerians at diamond jubilee No gratification to process, effect outstanding payment – PTAD Bwari-Dutse traffic: FCTA to mobilise contractors back to site Ogun community demands king after 15 years of vacant stool  PDP calls for articulate strategies to mitigate flood  Anglican Primate wants programmes to cushion hike in petrol, electricity tariff YouTube reveals top tips of getting most of its music Edo Election: Govs. Buni, Bello meet Ize-Iyamu in Abuja LASG urges small, medium businesses to go digital Plateau teachers decry non-implementation of new minimum wage NASSI seeks more tax, levy waivers for MSMEs Oyo govt. leases Agbowo Shopping Complex, seals 50 years concession with investor United States expresses satisfaction over peaceful conduct of Edo election  CAS inaugurates 11 areospace ground equipment in Benue Engage professionals to make Nigeria work again — Chief Tola Adeniyi Lokoja Explosion: Buhari expresses concern, mourns victims Edo Guber polls: Solace from Gov. Wike paid off – Obaseki Fistula Foundation targets 50 VVF patients in free surgery in Sokoto Buhari greets ex-Abia Dep. Gov., Chris Akomas at 60 Niger Delta communities demand 13% oil, gas derivation funds LASG lists new standard operating procedures for abattoir operations — Commissioner Sweden friendly moved to Russia over virus entry restrictions Ondo poll: Don’t allow crisis to escalate among parties, INEC charges staff Baby factory, child abuse, other similar vices endemic in Enugu State — NAPTIP Court dismisses suit against Zamfara govt over dissolution of LG Chairmen NOTAP calls for more funding for research to accelerate Nigeria’s development Frank de Boer favourite to be named new Netherlands coach Ondo 2020: There is gang up against us — APC spokesman Gov. Lalong condemns murder of traditional leader in Barkin-ladi LGA APC Professionals Forum to partner NAN to achieve FG’s 9-point agenda Gov. Zulum launches 1m trees planting campaign in Borno