NASS expresses readiness to review Pension Reform Act 2014 for improved retirement benefits

By allcitynews.ng

In apparent bid to create more conducive and enjoyable atmosphere for pensioners after years of hard work, House Committee on Pensions, has expressed the readiness to review the 2014 Pension Act.

The House Committee, led by the Chairman Hussaini Jalo, who made this known, reiterated the plans to amend the Pension Reform Act (PRA) of 2014. This move aims to address evolving challenges in Nigeria’s pension sector.

Speaking at a stakeholders’ engagement session in Abuja, Jalo urged participants to highlight key areas for review to guide the amendment process. The session brought together representatives from the National Assembly, PenCom, PTAD, and pension operators.

The Clerk of the National Assembly, Kamoru Ogunlana, revealed that staff are pushing for a return to the Contributory Pension Scheme (CPS), after the establishment of the National Assembly Service Pensions Board in 2023, which effectively removed them from the PRA framework. Ogunlana noted that the implementation of the new pension board is yet to commence.

National Pension Commission (PenCom) Director-General Omolola Oloworaran, represented by the Commission’s Secretary/Legal Adviser Muhammad Muhammad, emphasized the need to revisit and update the 2014 Act.

The proposed amendments aim to enhance lump sum payouts and revise Sections 7(1) and 7(2) to create a fairer retirement benefits system.

Likewise, Tolulope Odunaiya, Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), called for legal recognition of PTAD as a corporate entity in the amended law.

Also weighing in, PenOp CEO Oguche Agudah highlighted the importance of updating the decade-old Act to ensure the sector’s sustainability, economic growth, and regulatory independence. Agudah stressed the need for nationwide pension coverage and adherence to recognized payment platforms for contributions.

The House Committee pledged to work closely with PenCom and the Senate Committee on Establishment and Public Service to ensure a comprehensive and effective review process

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