The Bureau of Public Service Reforms (BPSR), in collaboration with key stakeholders, has initiated efforts to tackle the challenges and explore opportunities within Nigeria’s pension system. This initiative focuses on the Contributory Pension Scheme (CPS), regulated by the National Pension Commission (PenCom), which is responsible for ensuring the transparent and diligent management of pension funds.
Speaking at a roundtable discussion in Abuja on the impact of the Pension Reform Act, Director General of BPSR, Dasuki Arabi, emphasized the role of Pension Fund Administrators (PFAs) and custodians in safeguarding pension assets. He highlighted that these entities were established to ensure a system of checks and balances in pension management.
Arabi reaffirmed BPSR’s commitment to implementing effective governance structures that meet the expectations of stakeholders and beneficiaries. “This roundtable is a testament to the government’s dedication to driving, embedding, and implementing reforms in pension management and overall service delivery in Nigeria,” he stated.
According to Arabi, the Pension Reform Act was designed to address fundamental flaws in the previous pension system. By implementing these reforms, the government aims to ensure retirees can access their benefits in a timely manner, avoiding delays that previously plagued the system. These efforts are part of the government’s broader “Renewed Hope Agenda.”
The federal government is focused on creating a system that guarantees timely retirement benefits for individuals who have served in both the public and private sectors in Nigeria. Additionally, the roundtable examined ways to operationalize the Pension Reform Act effectively, addressing institutional challenges in the pension transition process and alleviating concerns from various agencies regarding the welfare of their retired officers.
This collaborative approach reflects the government’s commitment to continuously improve the pension system to better serve Nigerian retirees.
Source: The Nation.
