The Chairman of the House Committee on Pensions, Hussaini Jalo, says plans are underway to amend the Pension Reform Act (PRA), which was last reviewed in 2014.
Jalo made the statement at a stakeholders engagement session on the review of the PRA 2014, organised by the House of Representatives Committee on Pensions in Abuja.
He urged stakeholders to outline potential review areas for the committee’s consideration.
The Clerk of the National Assembly, Kamoru Ogunlana, said the workers of the National Assembly Service Commission (NASS) were advocating for return to Contributory Pension Scheme (CPS).
He said that rejoining the CPS was in a memorandum submitted to the committee.
Ogunlana said the National Assembly Service Pensions Board (Establishment) Act, enacted in April 2023, created a separate pension board for its personnel, effectively removing them from the CPS under the PRA of 2014.
He said the implementation of the assembly pension board act was yet to commence, noting that recent developments suggested a shift in perspective amongst its management and staff.
The Director-General of National Pension Commission (PenCom), Ms Omolola Oloworaran, acknowledged the need to review the PRA 2014, noting that such a review had commenced earlier as was contained in the memorandum submitted during the session.
Oloworaran , who was represented by the Commission’s Secretary/Legal Adviser, Muhammad Muhammad, had
recommended revisiting the resolutions reached during stakeholders’ consultations in 2022 to validate earlier positions and address emerging concerns.
Oloworaran said the proposed amendments were aimed to improve lump sum payouts for retirees.
The director general said the commission supported a holistic review of Section 7(1) and (2) of the PRA 2014 to address issues around retirement benefits and ensure a more equitable framework for retirees.
She also pledged to collaborate with the committee and the senate committee on establishment and public service to ensure a seamless and comprehensive review process.
The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, called for its recognition as a legal corporate entity in the proposed amendments.
The Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), Mr Oguche Agudah said the act was over 10 years and was due for review, due to critical developments in the pension sector.
“The review is for sustainability and economic development so that the pension sector operators can continue investing and also to ensure the independence of the regulator, PenCom.
“This is also to ensure nationwide coverage and growth, as only six states have total coverage,” Agudah said.
He said the review remained essential to ascertaining that remittance of pension contributions was only done through recognised payment platforms.
(NAN)
