Pension Act under review to align with current realities – PenCom DG

The Director General of the National Pension Commission, Omolola Oloworaran has disclosed that the Pension Reform Act which is currently being amended is targeted at aligning the Act with current industry reality. Oloworaran made the disclosure in Abuja on Tuesday at the 3rd Pension Industry Leadership Council (PILC) meeting. Held quarterly, the PILC provides a […]

The Director General of the National Pension Commission, Omolola Oloworaran has disclosed that the Pension Reform Act which is currently being amended is targeted at aligning the Act with current industry reality.
Oloworaran made the disclosure in Abuja on Tuesday at the 3rd Pension Industry Leadership Council (PILC) meeting.
Held quarterly, the PILC provides a platform for reviewing industry performance, assessing progress on key initiatives and setting priorities to strengthen pension administration and improve outcomes for contributors and retirees.
Fielding questions from journalists on the Act which is currently being reviewed, she said, “The pension review Act that is currently being reviewed is important, as the last time it was reviewed was 12 years ago, and so the reason we are reviewing is to modernize the Act. Things continue to change, and we continue to come up with reforms, ideas that improve the lives of ordinary Nigerians who are part of this scheme.
“So the whole essence of the review is to modernize the act, and ensure that it reflects conditions of today, and certainly we did have some implementation gaps in the previous Act, that we’ll also try and correct it in this Act. I don’t want to give the details yet, because it’s still under review, and some of those details are subject to negotiation. And some of them we are negotiating with NECA, NLC, so all that engagement is ongoing.
“One thing you should know is that all the amendments that have been proposed are all in the interest of ordinary Nigerians who are part of this scheme, and to make their lives better,” she said.
She also announced that 13,000 retirees have enrolled under the PENCARE initiative to cater for the health of retirees, adding that the amount has now been reviewed upward from N70,000 to N150,000 to capture more people.
She also stated that two more states are on the verge of adopting contributory pension to boost growth.
Speaking on agitations for Police exit from the contributory pension, she said, “PenCom is engaging with the Police and we’re working in good faith, and a number of them, I think a sizable majority of them, are happy with the work we’re doing, and are happy to slow down a little bit to allow the process to go on its course, and we’re hoping that we resolve this issue soon.”
On the outcome of the meeting, she said, “The pension fund industry currently has the largest pool of passive capital in the country, long-term savings capital, so we need to get more engaged in terms of what is happening in the capital market.
“We have a framework that was deliberated upon, and we will go back and look at that. The PFAs will go back and review the reports and necessary stakeholders, and we will be able to take a decision in terms of how to proceed within the next one or two months.”