The National Pension Commission (PenCom) says the industry has accumulated pension assets in excess of N13 trillion which is being invested in various aspects of the Nigerian economy.
This was disclosed by the Director-General of PenCom, Mrs Aisha Dahir-Umar, at a retreat organised on the
review of the Pension Reform Act 2014 (PRA 2014) in Abuja.
According to her, 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 in order to provide an avenue for stakeholders to formally make input into the proposed amendments,” said Mrs Dahir-Umar in a statement.
She noted that the review is a corollary to some implementation challenges encountered with certain sections of the Act not long after its enactment in July 2014.
This is in addition to persistent calls from stakeholders for the amendment of some sections of the Act, which resulted in several legislative initiatives through the sponsorship of Bills for amendment of the PRA 2014 by the National Assembly.
Consequently, the Commission, as the regulator of the pension industry, decided to coordinate and harmonise the various efforts in order to achieve a more comprehensive and constructive exercise for the review of the PRA 2014.
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.
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