Law Makers, Pension Operators Agree on Review of Pension Laws

Ebere Nwoji

Federal Law Makers have yielded to the calls by pension stakeholders for a review of the pension law to guarantee comfortable lifestyle and happy retirement period for Nigerian workers.

This is coming ten years after the enactment of 2014 Pension Reform Act.

The law makers at the 4th National Assembly Retreat 2024 recently organised by the Pension Fund Operators Association of Nigeria (PenOp) in Lagos asked pension sector operators to identify sections of the Pension Reform Act (PRA) 2014, to be amended,

The retreat which has the theme, “The CPS: Navigating Challenges and Unlocking a Secured Future for Pensioners,” provided a platform for the lawmakers and pension operators to chart the way forward for the pension sector.

Speaking at the retreat, Chairman of the Senate Committee on Establishment and Public Service, Sen. Fasuyi Oluwole, asked the  operators to articulate sections of the PRA 2014 that needed an amendment.

He also urged the operators to work closely with lawmakers to ensure that the system was operated with human face.

He said the retreat was very enlightening for him and other lawmakers and had armed them with information and enable them to understand the scheme more as they go about their lawmaking activities.

The Chairman of the House Committee on pensions, Hussaini Jallo, commended the pension operators for taking the step in organising the retreat and said that his committee was committed to working for the benefit of pensioners in particular and Nigerians in general.

PenOp Vice President, Joy Ojakovo, said the Contributory Pension Scheme (CPS) had brought many benefits to individuals and the nation at large and that the industry needed to continue to work with stakeholders to improve the scheme rather than destroy the gains of the system.

A member House Committee on Pensions, Hon. Aliyu Bappa, stated that the legislators would work with the executive arm of government to ensure an increase in the pension contributions for workers.

Also Managing Director Fidelity Pension Managers, Donald Onuoha, while delivering a paper on Accessing Benefit Under the CPS, also pointed out the need to increase the pension contributions from the minimum 18 per cent.