National Assembly workers are seeking to return to the Contributory Pension Scheme (CPS) barely two years after legislation exempted them from the system, the Clerk of the National Assembly has revealed.

The National Assembly Service Pensions Board (Establishment) Act, enacted in April 2023 during the final days of the Buhari administration, had created a separate pension board for NASS personnel, effectively removing them from the CPS governed by the Pension Reform Act (PRA) 2014.

However, with implementation of the NASS Pension Board Act yet to commence, the assembly's management appears to have had a change of heart. This disclosure was made by Kamoru Ogunlana, Clerk of the National Assembly, during a stakeholders' engagement on the review of the PRA 2014 organized by the House of Representatives Committee on Pensions in Abuja.

Ogunlana, represented by an official of the assembly, explained the service's interest in rejoining the CPS through a memorandum submitted to the committee.

Hussaini Jalo, Chairman of the House Committee on Pensions, emphasized the need to amend the PRA, which was last reviewed in 2014. He urged stakeholders to outline potential review areas for the committee's consideration.

The engagement brought together key stakeholders including the National Pension Commission (PenCom), the Pension Transitional Arrangement Directorate (PTAD), Nigeria Employers' Consultative Association (NECA), Pension Fund Operators Association of Nigeria, the Military Pensions Board, and the Nigerian Police Force, among others.

In its memorandum, PenCom acknowledged the need to review the PRA 2014 and recommended revisiting resolutions reached during stakeholders' consultations in 2022. The commission expressed support for proposed amendments aimed at improving lump sum payouts for retirees and pledged to collaborate with both the House and Senate committees to ensure a comprehensive review process.

Oguche Agudah, Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), stressed that the act is over 10 years old and due for review due to 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, which is the National Pension Commission," Agudah noted.

He further explained that the review aims to ensure nationwide coverage and growth, pointing out that currently only six states have total coverage under the scheme.

The session was part of a consultative process to inform stakeholders about the proposed amendment to the PRA 2014, with the committee affirming its commitment to fast-track the review process to align the legislation with current realities and stakeholders' expectations.