Some retirees and serving civil servants have called on the federal government to review the Pension Reform Act 2014 to address emerging challenges and enhance access to full retirement benefits.
They spoke on Wednesday in Abuja.
James Ojo, a retiree and pension expert, said that the PRA, enacted in 2004 and reviewed in 2014, was due for another statutory review after 10 years.
Mr Ojo said that the ongoing legislative process offered a critical opportunity to correct anomalies that have left many retirees struggling to survive.
He said there was a need to review the implementation of the contributory pension scheme 10 years after the law’s enactment.
Mr Ojo said, however, that the PRA 2014 had improved pension management and reduced the accumulation of arrears; some provisions, however, required amendment to reflect current economic realities.
“There is a need to review the PRA to ensure that workers receive their full benefits at retirement. The law should be strengthened to better protect contributors, especially in the face of inflation and rising cost of living,” he said.
He said that civil servants no longer received gratuity at retirement after working for 35 years.
“You can not even access up to 50 per cent of your total savings. At retirement, the body is still strong and wants to work, but the problem is capital. I believe that if retirees receive their full benefits at entitlement, it will go a long way in helping them to establish businesses. We need to encourage them; they are retired, not tired,” he said.
Hauwa Abdullahi, a civil servant, called for amendments to improve benefit computation and guarantee the timely release of retirement entitlements.
Ms Abdullahi also advocated greater awareness among contributors of their rights under the CPS, adding that many civil servants lacked an adequate understanding of the act’s provisions.
A pension policy analyst, Tunde Oba, said that periodic review of the PRA was necessary to align pension administration with global best practices and improve confidence in the system.
He said that a revised act would introduce measures to enhance transparency, strengthen regulatory oversight and expand pension coverage to more workers in the informal sector.
Meanwhile, the National Pension Commission said it was engaging with various committees of the National Assembly responsible for overseeing pensions in Nigeria.
The commission said that it had held several engagements towards the review of the PRA 2014 and had submitted inputs when called upon to do so.
“However, the review is yet to be concluded, as the sole responsibility for the amendment of laws is in the purview of the National Assembly,” it said.
The commission expressed commitment to continuously engage with stakeholders.
The Pension Reform Act 2014 provides the legal framework for the operation of the CPS in the country, aimed at ensuring that retirees receive their benefits promptly.
(NAN)
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