The National Pension Commission has commenced a review of the Pension Reform Act, 2014, saying the law needs to be updated to reflect current realities, address implementation gaps and improve retirement outcomes for millions of Nigerians.
The Director-General of PenCom and Chairman of the Pension Industry Leadership Council, Omolola Oloworaran, disclosed this on Tuesday during a press conference following the third meeting of the Council held at Fraser Suites, Abuja.
The quarterly meeting brought together leaders of Pension Fund Administrators, Pension Fund Custodians, Closed Pension Fund Administrators and the Commission to review the industry’s performance, deliberate on ongoing reforms and set priorities for improving pension administration and retirement benefits.
Responding to questions from journalists on the ongoing review of the pension law, Oloworaran said the legislation, last amended 12 years ago, required modernisation to support reforms being pursued by the commission.
“The reason we are reviewing is to modernise the Act,” she said.
