Nigeria Moves to Amend 12-Year-Old Pension Act as PenCom Lifts PENCARE Support to N150,000
Updated
Updated · Daily Trust · Jul 9
Nigeria Moves to Amend 12-Year-Old Pension Act as PenCom Lifts PENCARE Support to N150,000
2 articles · Updated · Daily Trust · Jul 9
Summary
PenCom said Nigeria is amending the Pension Reform Act to modernize rules, reflect current industry conditions and fix implementation gaps in legislation last reviewed 12 years ago.
Omolola Oloworaran said details remain under negotiation with employer group NECA and labor union NLC, with the proposed changes aimed at improving outcomes for contributors and retirees.
13,000 retirees have enrolled in the PENCARE health initiative, and support under the scheme has been raised to N150,000 from N70,000 to widen coverage.
Two more states are close to adopting the contributory pension scheme, while PenCom said talks with police over demands to exit the system are continuing in good faith.
At the 3rd Pension Industry Leadership Council meeting in Abuja, PenCom also said pension funds are the country’s largest pool of passive long-term capital and a framework on market engagement could be decided within one to two months.