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From Uche Usim, Abuja
The Director General, National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, has described the Pension Reform Act (PRA) 2014 as one of the most important socio-economic reform initiatives of the Federal Government that has led to a pension industry accumulating pension assets in excess of N13 trillion invested in various aspects of the Nigerian economy.
Dahir-Umar made the remarks in Abuja at a retreat organised by PenCom to review PRA 2014.
The retreat aimed to identify salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the Bill. It is expected that the National Assembly would subsequently organise a public hearing to provide an avenue for stakeholders to formally make input into the proposed amendments.
The PRA 2014 was enacted following a review of the initial Pension Reform Act of 2004, which introduced legal and institutional frameworks of the Contributory Pension Scheme (CPS) and established PenCom to regulate and supervise all pension matters in Nigeria.
The PenCom boss noted that the review was a corollary to some implementation challenges encountered with certain sections of the Act not long after its enactment in July 2014.
