Nigeria’s National Pension Commission (PenCom) says it is reviewing the Pension Reform Act of 2014 after 12 years. According to reporting from multiple outlets, PenCom’s Director-General, A. O. Oloworaran, states that the review is intended to modernize the pension framework and respond to gaps that have emerged in implementation since the law took effect. The commission also says the reforms aim to improve retirement outcomes for Nigerians, including how benefits are administered and delivered to retirees.
Both sources describe PenCom’s initiative as part of an effort to strengthen the effectiveness of the existing pension law rather than repeal it. They emphasize that the review follows ongoing experience with the scheme over more than a decade and focuses on areas where the current arrangements may not be achieving their intended results. The outlets do not provide specific amendment proposals or timelines for when any changes would be submitted or enacted, but they agree that PenCom is taking steps toward potential legislative updates to better support pensioners.
