ARTICLE · 28 AUGUST 2014

Pension Reform Act 2014 Signed Into Law

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The new Act provides for stiffer penalties in the case of mismanagement or diversion of pension funds.

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The World Pension Summit (Africa), first of its kind in Africa, was hosted in Abuja on 7 and 8 July 2014. The summit focused on African developments in the pension industry and coincided with the 10^th anniversary of the pension reform in Nigeria that led to the enactment of the Pension Reform Act No 2 of 2004 ("the 2004 Act").

The 2004 Act introduced the Contributory Pension Scheme ("CPS"), which is fully funded and based on individual accounts that are privately managed by Pension Fund Administrators with the pension fund assets held by Pension Fund Custodians. The National Pension Commission ("PenCom") was established as regulator to strengthen corporate governance arrangements in the previously mismanaged public sector pension schemes.

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