Speaking during the opening ceremony of the retreat held on January, 12, 2022, in Abuja, the director-general told 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 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,” she said.
According to a statement by PenCom, the retreat was aimed at identifying the 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 amendments.
“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,” the statement added.
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