National Assembly passes bill to exit pension scheme, PFAs kick

Written by on February 27, 2023

The National Assembly has passed a bill to exempt its workers from the scheme, 18 years after operating the Contributory Pension Scheme.

However, the Pension Fund Operators Association PFA of Nigeria has said that the passage of the bill sets a dangerous precedent for Nigerian workers.

PenOp is the umbrella body for all Pension Fund Administrators and Pension Fund Companies.

PenOp reacted in a statement titled, ‘Exemption of the National Assembly staff from the Contributory Pension Scheme – Matters arising’.

The statement was to draw the attention of the public to the “Bill for an Act to amend the Pension Reform Act, 2014, to exclude/exempt the National Assembly Service from the Contributory Pension Scheme and establish the National Assembly Service Pension Board; and for Related Matters HB 2025” which was recently passed by both chambers of the National Assembly.

Expressing concern regarding the way the bill was passed, it stated that the passage of the bill seemed to have been unnecessarily expedited and shrouded in secrecy with very little engagement and input from critical stakeholders, as it was passed during the National Assembly’s recess.

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