Two years after being kicked out of the Contributory Pension Scheme by a statute, National Assembly Service Commission employees have demanded to be re-enrolled in the program.
At the House of Representatives Committee on Pensions’ stakeholder engagement session on the revision of the Pension Reform Act 2014 in Abuja on Tuesday, they made their desire known.
In a report sent to the Committee, Kamoru Ogunlana, the Clerk of the National Assembly, revealed that the Service was attempting to rejoin the CPS.
Despite the creation of a distinct pension board, Ogunlana claimed that management had changed its mind.
The Muhammadu Buhari administration’s National Assembly Service Pensions Board (Establishment) Act, which was enacted in April 2023, established an independent pension board for Assembly employees, so exempting them from the PRA 2014.
That law hasn’t been put into effect yet, though.
Speaking at the commencement of the session, Chairman of the House Committee on Pensions, Hussaini Jalo, said the review of the PRA was important to address developing concerns and reflect current realities. He invited stakeholders to suggest particular areas for modification.
Participants in the engagement included representatives from the Nigeria Police Force, the Nigeria Employers’ Consultative Association, the Pension Fund Operators Association of Nigeria, the Military Pensions Board, the National Pension Commission, and the Pension Transitional Arrangement Directorate.
According to PenCom’s submission, it endorsed the suggested review and suggested going over the decisions made at the 2022 stakeholder discussions again.
The Commission also backed amendments to Section 7(1) and (2) of the PRA to improve retirement benefits and lump sum payouts.
PenCom further pledged to work with both the House and Senate Committees to ensure a smooth and comprehensive amendment process.
Also speaking, a member of the Committee, Oluwole Oke, cautioned against hasty amendments and stressed the importance of strengthening the regulatory role of PenCom. He assured that the National Assembly was committed to reforms that would secure the future of Nigerian workers.
In its presentation, PTAD requested formal recognition as a legal corporate entity in the revised law. The Directorate’s Executive Secretary, Tolulope Odunaiya, said such recognition would enhance its operational effectiveness.
On his part, the Chief Executive Officer of PenOp, Oguche Agudah, said the PRA was long overdue for a review.
He explained that the assessment would encourage sustainability, regulatory independence, and expanded coverage, noting that just six states already had full CPS compliance.
“The review is for economic development and sustainability so that the operators of the pension sector can continue to invest and to ensure the independence of the regulator, which is the National Pension Commission,” he stated.
Agudah emphasized that in order to improve accountability and transparency in the industry, pension remittances must be made via authorized systems.
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