The Chairman of the House Committee on Pensions, Hussaini Jalo, has announced that the National Assembly is preparing to amend the Pension Reform Act (PRA) 2014, marking the first review of the legislation in over a decade.

Jalo made this disclosure during a stakeholders engagement session in Abuja, where he called on pension industry participants to identify potential areas for review that the committee should consider.

The Clerk of the National Assembly, Kamoru Ogunlana, revealed that National Assembly Service Commission (NASS) workers are advocating for a return to the Contributory Pension Scheme (CPS). This comes despite the enactment of the National Assembly Service Pensions Board Establishment Act in April 2023, which created a separate pension board for NASS personnel, effectively removing them from the CPS under the PRA 2014.

"The implementation of the assembly pension board act is yet to commence, and recent developments suggest a shift in perspective amongst management and staff," Ogunlana stated.

The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, represented by the Commission's Secretary/Legal Adviser, Muhammad Muhammad, acknowledged the necessity of reviewing the PRA 2014. She noted that such a review had already commenced, as detailed in a memorandum submitted during the session.

Oloworaran recommended revisiting resolutions reached during stakeholders' consultations in 2022 to validate earlier positions and address emerging concerns. She emphasized that the proposed amendments aim to improve lump sum payouts for retirees.

"The commission supports a holistic review of Section 7(1) and (2) of the PRA 2014 to address issues around retirement benefits and ensure a more equitable framework for retirees," she stated, pledging to collaborate with both the House committee and the Senate committee on establishment and public service to ensure a comprehensive review process.

The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, called for PTAD's recognition as a legal corporate entity in the proposed amendments.

Meanwhile, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah, emphasized that the act was due for review after more than a decade, citing critical developments in the pension sector.

"The review is for sustainability and economic development so that the pension sector operators can continue investing and also to ensure the independence of the regulator, PenCom," Agudah explained.

He further highlighted the need for nationwide coverage and growth, noting that "only six states have total coverage." Agudah added that the review remains essential to ensuring that remittance of pension contributions is only done through recognized payment platforms.