PenCom to initiate pension reform act 2014 review



National Pension Commission (PenCom) is set to initiative a review of the Pension Reform Act (PRA) 2014.

PenCom’s Head of Corporate Communication, Mr Peter Aghahowa, made this known in a statement in Abuja on Thursday.

He said that the National Assembly repealed the PRA 2004 and enacted the PRA 2014 to address implementation challenges and introduce improvements to the Contributory Pension Scheme (CPS).

“Some challenges were subsequently encountered in the implementation of certain sections of the 2014 act.

“Within the last three years there have been persistent clamour for amendments from individuals and interest groups, and also  several legislative attempts on the amendment of some of the sections of PRA 2014,”  Aghahowa said.

He said that PenCom, as a regulator of the pension industry, has decided to initiate the process to review the PRA 2014 in order to address the identified challenges and public clamour.

Aghahowa said that the review would help to reposition the CPS and consolidate the gains of the pension reform for the benefit of Nigerians.

He said that consistent with the Commissions would reach out to seek input from its social partners, pension industry operators,  financial regulators and other relevant stakeholders.

“We are confident that the input received from the stakeholders will immensely benefit the exercise and result to a workable and acceptable pension legislation,” Aghahowa said.

The New Agency of Nigeria reports that the 2004 PRA introduced the CPS.

Edited By: Ismail Abdulaziz (NAN)

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 NPA expects 19 ships with petroleum products, others at Lagos port AFAP pledges to make Lagos food processing hub Bayern Munich, Schalke, Eintracht Frankfurt warned for coronavirus concept breaches Buhari to attend Guinea Bissau National Day Celebration, inaugurate road named after him NAFDAC seals 2 fake drug factories in Kano Group promises to end touting in Abia Magu Probe: group cautions against Malami’s appearance as witness De Bruyne, Lewandowski, Neuer on UEFA player of the year shortlist Mali: Court fixes Friday to hear suit challenging ECOWAS sanctions HP, AUC sign MoU to foster entrepreneurial skills in Africa Gov. Sule approves N300m for payment of gratuities in Nasarawa UK Group supports 100 Nigerian businesses with $425m COVID-19: UNICEF, FG organise stakeholders’ dialogue on safe school resumption  Lagos Govt hands over 51 vehicles, 8 houses to judges NGO tasks farmers on climate smart agricultural practice