January 23, (THEWILL) -To identify salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the Bill, the National Pension Commission (PenCom) is organising a retreat on the review of the Pension Reform Act 2014 (PRA 2014) in Abuja.
The PRA 2014 was enacted, following a review of the initial Pension Reform Act of 2004, which introduced the legal and institutional frameworks of the Contributory Pension Scheme (CPS) and established PenCom to regulate and supervise all pension matters in Nigeria.
Speaking during the opening ceremony of the retreat, the Director-General of PenCom, Aisha Dahir-Umar, informed the participants that the PRA 2014 codified one of the most important socio-economic reform initiatives of the Federal Government.
She said the pension industry accumulated pension assets in excess of N13 trillion, which has been invested in various aspects of the Nigerian economy.
According to her, the review is a corollary to some implementation challenges encountered with certain sections of the Act, not long after its enactment in July 2014, as well as the persistent calls from stakeholders for the amendment of some sections of the Act.
Dahiru- Umar said the PRA 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.
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 amendment.
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