PenCom Reviews Pension Act for Current Industry Needs

Omolola Oloworaran, the Director of the Pension Commission (PenCom), announced that the Pension Reform Act is under review to align with current industry realities. This disclosure was made during a quarterly meeting of the Pension Industry Leadership Council (PILC) held in Abuja on Tuesday, October 3.

The review is significant as the last amendment to the Act occurred 12 years ago. Oloworaran emphasized the importance of modernizing the Act to reflect the changing conditions and to improve the lives of ordinary Nigerians participating in the pension scheme.

She stated that the review process is subject to negotiations with stakeholders, including the Nigeria Employers' Consultative Association (NECA) and the Nigeria Labour Congress (NLC). Additionally, Oloworaran announced the enrollment of 13,000 retirees in the PenCom initiative aimed at enhancing health benefits for retirees, with an upward review of health amounts from N70,000 to N150,000.

The pension fund industry is noted as the largest pool of passive capital in the country, necessitating engagement with the capital market framework.