The National Pension Commission, PenCom, has begun a comprehensive review of the Pension Reform Act of 2014 to modernize the legislation and address longstanding implementation gaps.
Director-General of PenCom, Omolola Oloworaran, announced the initiative on Tuesday after a quarterly meeting of the Pension Industry Leadership Council. She said the law, which has not been amended in 12 years, requires updates to improve retirement outcomes and keep the pension system effective for all contributors.
“The goal is to modernize the Act,” Oloworaran stated. “Things change, and we continue to develop reform ideas that improve the lives of ordinary Nigerians participating in the scheme. This review aims to ensure the law reflects contemporary realities while correcting weaknesses identified during its implementation.”
The commission said it is consulting with key stakeholders but declined to disclose specific proposed amendments, noting that all changes are intended to enhance the welfare of retirees and contributors.
The council also discussed other strategic priorities. PenCom plans to launch the first National Pension Week in September to improve financial inclusion and literacy and encourage participation in personal pension plans.
It added that efforts to finalize the proposed Pension Industry Infrastructure Fund are at an advanced stage. The fund is aimed at leveraging pension assets to support national development.
On compliance, PenCom said it will strengthen enforcement against employers who fail to remit contributions. Beyond its collaboration with the Independent Corrupt Practices and Other Related Offences Commission, ICPC, the agency is preparing to partner with the Economic and Financial Crimes Commission, EFCC.
Oloworaran expressed concern that only eight states have fully adopted the Contributory Pension Scheme, noting the uncertainty faced by public sector workers in states yet to migrate.
PenCom is also expanding its pilot health insurance initiative for retirees. The commission has raised eligibility to include pensioners earning up to ₦150,000 monthly.
The program currently has 13,000 participants, but the commission is targeting higher enrollment before a full national rollout
