Some retirees and serving civil servants have called on the Federal Government to review the Pension Reform Act (PRA) 2014 to address emerging challenges and improve access to full retirement benefits.
They spoke to the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Mr. James Ojo, a retiree and pension expert, said the PRA, first enacted in 2004 and reviewed in 2014, was due for another statutory review after ten years.
According to him, the ongoing legislative process presents a critical opportunity to correct anomalies that have left many retirees struggling to survive.
He stressed the need to reassess the implementation of the Contributory Pension Scheme (CPS) more than a decade after the law’s enactment.
Ojo noted that although the PRA 2014 had improved pension management and reduced the accumulation of arrears, some provisions 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 the rising cost of living,” he said.
He added that civil servants no longer received gratuity after completing 35 years of service.
“You cannot 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 establish businesses. We need to encourage them; they are retired, not tired,” he said.
Also speaking on the issue, Hajiya Hauwa Abdullahi, a civil servant, called for amendments that would improve benefit computation and guarantee the timely release of retirement entitlements.
She also advocated greater awareness for contributors on their rights under the CPS, noting that many civil servants lacked adequate understanding of the provisions of the Act.
A pension policy analyst, Mr. Tunde Oba, said periodic reviews of the PRA were necessary to align pension administration with global best practices and improve public confidence in the system.
He said 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 (PenCom) said it was engaging with various committees of the National Assembly responsible for pension oversight in Nigeria.
The commission stated that it had held several consultations towards the review of the PRA 2014 and had submitted inputs when requested.
“However, the review is yet to be concluded, as the sole responsibility for the amendment of laws lies with the National Assembly,” it said.
PenCom expressed its commitment to continued engagement 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.
