Posted By: | November 30, 2020 |

Reformations: Can The Pension Reform Act 2014 Go Further?


The enactment of the Pension scheme thereby leaving 87% repeal the Pension Reform Act 2004 heralded much discussions on its projected transformative impact but recent data has confirmed PRA 2014's inadequate coverage. For example, the National Pension Commission (PenCom) reportedly stated that about 12.09% of Nigeria's population (equivalent of 8.41 million out of 70 million Nigerians of working age) contribute to pension schemes as at 2018. Therefore, less than 13% of the population have a pension scheme thereby leaving 87% Nigerians without any pension cover at their old age, this compares poorly with african peers like south africa (75%) and Ghana 33%







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