Pencom criticizes moves to amend Pension Reform Act

The National Pension Commission (PenCom), has cautioned that any amendment to the Pension Reform Act (PRA) 2014 will kill the growing culture of national savings built within the last decade, possibly, scaring away investors in the pension industry and the country.

This is arising from calls for exemption of some agencies of the government from Contributory Pension Scheme (CPS).

Acting Director-General, Mrs. Aisha Dahir-Umar, who made this known while speaking with journalists in Abuja, said any policy somersault in the industry would result in loss of confidence in the pension reform and other reform initiatives of the government.

She stated that due to the successful implementation of the pension reform, the discipline with which the industry players have been discharging their responsibilities and the resultant impact on the Nigerian economy, foreign investors have invested heavily in some major Pension Fund Administrators.

She said: “There are still some expressions of interest by foreign investors to obtain stakes in the pension administration business in Nigeria.”