The Pension Reform Act of 2014 will be reviewed by the National Pension Commission (PenCom) PensionTalk has learned.
This was revealed by PenCom at a consultative retreat, which had in attendance representatives from the National Assembly, Pension Fund Operators (PenOp), labor unions, employers’ unions, civil society organizations (CSOs) and other stakeholders.
The Commission stated in a statement that the National Assembly would host a public hearing to allow stakeholders to provide feedback.
Aisha Dahir-Umar, Director-General of PenCom, reminded attendees that the 2014 Act formalized one of the Federal Government’s most important socio-economic efforts, resulting in a sector with assets worth more than N13 trillion.
She explained that the evaluation was prompted by some implementation issues with specific areas.
“This is in addition to persistent appeals from stakeholders for the change of certain parts… which culminated in various legislative actions through the sponsorship of proposals in the National Assembly to amend the PRA 2014.”
“As a result, the Commission…decided to integrate and harmonize the various activities in order to produce a more thorough and constructive exercise for the PRA 2014 review,” she noted.
Ibrahim Shekarau, chairman of the Senate Committee on Establishment and Public Service, said the 2004 Act was reviewed in 2014 after ten years of implementation.
Shekarau claimed that the National Assembly and PenCom were taking proactive measures by launching the second review less than ten years after the first, in response to the industry’s dynamism.
He explained that no law is flawless and that in the case of PRA, many changes between 2014 and today have compelled a reassessment of the Act.
He also claimed that since his appointment to the Senate, where he is responsible for pension issues, he has received multiple submissions from stakeholders asking for a review of certain portions of the PRA 2014.
Hon. Kabiru Alhassan Rurum, Chairman of the House Committee on Pensions, also spoke at the retreat, stating that the 8th National Assembly attempted to examine various sections of the PRA 2014, but the process was not completed due to some obstacles.
As a result, he expressed the Committee’s commitment to ensuring a thorough evaluation of the PRA 2014, citing the retreat as an important contribution to the process.
Mr. Thompson Akpabio, a representative of the Nigeria Employers’ Consultation Association (NECA), praised PenCom for holding the consultative retreat and expressed hope that the outcome will improve the CPS.
The President of the Trade Union Congress (TUC), Comrade Quadri Olaleye, was represented by a TUC executive member, Hafsat Shuaibu, who mentioned the workplace disruptions caused by the COVID-19 outbreak as a reason for reviewing the pension legislation.