Two years after opting out of the Contributory Pension Scheme (CPS), the National Assembly Service Commission (NASC) has announced its intention to return, citing a review of its earlier decision.
The move was made public during a stakeholder engagement session on the review of the Pension Reform Act (PRA) 2014, held in Abuja and convened by the House of Representatives Committee on Pensions.
Speaking at the event, Kamoru Ogunlana, Clerk of the National Assembly, submitted a memorandum on behalf of the commission, expressing support for reintegrating NASS employees into the CPS.
This comes despite the establishment of the National Assembly Service Pensions Board in April 2023, which formalized the commission’s withdrawal from the scheme under a 2023 legislation passed in the final days of President Muhammadu Buhari’s administration.
In his opening remarks, Hussaini Jalo, Chairman of the House Committee on Pensions, stressed the urgency of revisiting the PRA, last reviewed in 2014.
He urged all stakeholders to propose meaningful amendments to reflect Nigeria’s present economic and institutional realities.
Present at the high-level engagement were representatives of PenCom, PTAD, NECA, PenOp, the Military Pensions Board, and the Nigerian Police Force, among others.
PenCom, PTAD, PenOp Make Case for Broad Amendments
The National Pension Commission (PenCom) called for a comprehensive overhaul of the PRA, particularly urging a review of Sections 7(1) and (2), which govern lump sum payments to retirees.
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The commission pledged collaboration with lawmakers to strengthen the retirement system and ensure equity and sustainability.
PTAD Executive Secretary, Tolulope Odunaiya, demanded the formal recognition of her agency as a corporate legal entity, arguing it would enhance the directorate’s operational autonomy and efficiency.
Also lending his voice, Oguche Agudah, CEO of the Pension Fund Operators Association of Nigeria (PenOp), pushed for expanded CPS adoption nationwide.
He noted that only six states have fully implemented the scheme and recommended exclusive use of recognized payment platforms for pension remittances to promote transparency.
Agudah further emphasized that the independence of PenCom should be safeguarded and that the review process should ultimately support both sustainability and economic development.
With mounting calls for reform from both regulators and operators, the review of the PRA appears imminent.
While the National Assembly Service Commission’s return to the CPS may reignite debate over exemptions and uniformity, stakeholders seem aligned on one goal: a more transparent, inclusive, and effective pension framework for Nigeria’s future.