Improving Participation In The Pension Scheme

Nigeria has seen a lot of changes in the pension industry in terms of laws and regulations issued by the Government. From defined benefits schemes which were mostly unfunded by the Government and private sector participants to the enactment of the Pension Reform Act of 2004, which introduced a mandatory contributory scheme for employees. We have seen other changes like the repeal of the 2004 act and enactment of the current Pension Reform Act of 2014, which is focused on ensuring the smooth operation of the contributory pension scheme in the country. A review of the various legislation enacted, and circulars issued by the regulatory authorities shows that pension is crucial to the welfare sustenance of a country as it caters to the needs of the aged population without putting additional pressure on the country due to its contributory nature. The scheme also helps to encourage a savings culture in the economy as both employees and employers are required to contribute a