PENCOM SET TO REVIEW PENSION REFORM ACT 2014
The National Pension Commission (PenCom) organized a retreat on the
review of the Pension Reform Act 2014 (PRA 2014) in Abuja between 12 and
14 January, 2022.
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 organize a public hearing in order to
provide an avenue for stakeholders to formally make input into the proposed
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.
Speaking during the opening ceremony of the retreat held on 12 January,
2022, 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, leading to a pension
industry that has accumulated pension assets in excess of N13 trillion
invested in various aspects of the Nigerian economy.
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
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
Consequently, the Commission, as the regulator of the pension industry,
decided to coordinate and harmonize the various efforts in order to achieve a
more comprehensive and constructive exercise for the review of the PRA 2014.