PenCom Reviews Pension Reform Act After 12 Years

The Pension Commission (PenCom) is undertaking a review of the Pension Reform Act of 2014, which has not been amended in 12 years. Omolola Oloworaran, the Director General of PenCom, announced this initiative during a press conference following a quarterly meeting of the Pension Industry Leadership Council in Abuja.

The review aims to modernize the act to reflect current realities and address implementation gaps to improve retirement outcomes for millions of Nigerians. Oloworaran emphasized the need for continuous reform to enhance the lives of ordinary Nigerians participating in the pension scheme.

The proposed amendments are intended to improve the welfare of contributors and ensure better retirement benefits. PenCom is also planning its first National Pension Week from September 15 to September 19 to raise awareness about pension administration and literacy.

Additionally, Oloworaran revealed that eight states have fully implemented the contributory pension scheme, while two more are expected to join soon, although concerns remain about states that have yet to adopt the scheme.