Lawyers canvass expanded regulatory framework for pension scheme

Local pension experts on the platform of Pension Lawyers Association of Nigeria (PLAN) have said that only robust regulatory framework would enhance quick realisation of the core objectives of the contributory pension scheme in the country.

The Federal Government had completed a review of the Pension Reform Act 2004, which led to the enactment of the Pension Reform Act 2014.
This review introduced some innovations that are expected to engender the achievement of the objectives of the legislation.
President of the association, Mr. Mbanugo Udenze, who spoke in Lagos, said the decision of the government to carry out a review of the Act was a right step in the right direction.
According to him, apart from portraying Nigeria as a dynamic society, which undertakes periodic review of legislations to reflect current realities in the socio-political economy, the review also brought about some innovations in the new legislation, which were absent in the old one.
“But it is one thing to have a good legislation, it is yet a different thing altogether for such a legislation to be adequately implemented to address the issues for which it was enacted. There is, therefore, a great world of difference between a good legislation and the implementation side of it. This basic reality makes it expedient for the government to create an expanded and robust regulatory framework that would ensure the implementation of the law so that it will achieve the goals, which it is set out to accomplish,” he also said.