PenCom moves to amend Pension Reform Act after 12 years

The National Pension Commission (PenCom) has initiated a review of Nigeria's Pension Reform Act of 2014. The commission aims to update the 12-year-old legislation to align with current realities, address identified implementation challenges, and enhance retirement benefits for millions of Nigerians.

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The reason we are reviewing is to modernise the Act. Things continue to change, and we continue to come up with reform ideas that improve the lives of ordinary Nigerians who are part of the scheme. So, the whole essence of the review is to modernise the Act and ensure that it reflects conditions of today.

Omolola Oloworaran, Director-General of PenCom and Chairman of the Pension Industry Leadership Council, stated that the review is intended to modernize the Act. "Things continue to change, and we continue to come up with reform ideas that improve the lives of ordinary Nigerians who are part of the scheme," she said. The review will also focus on correcting weaknesses that emerged during the existing law's implementation.

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Certainly, we did have some implementation gaps in the previous Act that we’ll also try and correct in this Act.

While specific proposed amendments remain confidential pending stakeholder consultations, Oloworaran assured that all proposed changes are designed to benefit scheme contributors and retirees. The Pension Industry Leadership Council has also discussed initiatives to make Nigeria's pension industry more inclusive and competitive. To further improve understanding of pension administration, PenCom will organize its first National Pension Week from September 15 to September 19.

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One thing you should know is that all the amendments that are being proposed are all in the interest of ordinary Nigerians who are part of the scheme, and it will make their lives better.