National Telescope national telescope newspaper
The House of Representatives Committee on Pensions, led by Chairman Husseini Mohammed Jallo, has announced plans for a comprehensive amendment to the Pension Reform Act, aiming to modernize the law and address issues affecting Nigerian retirees.
Speaking to the press in Abuja, Jallo highlighted the need for updates to the act, initially enacted in 2014, to correct existing deficiencies.
A key focus of the committee is the request from certain paramilitary agencies seeking to exit the Contributory Pension Scheme (CPS).
Jallo noted that the committee is close to concluding its investigation into the management of Nigerian pension assets and the welfare of retirees under the CPS.
The chairman expressed concern over two pension fund administrators—NPC Pensions and FTC Pensions—who failed to attend recent investigative hearings.
He warned that legal action might be taken against them, stating, “You cannot hold people’s money and refuse to answer questions about its management.”
The committee is also examining potential penalties for employers who deduct pensions from salaries but fail to remit the funds.
Deputy Chairman Prince Olaide Lateef Mohammed emphasized that withholding these remittances is a criminal offense, warranting strict penalties to protect workers’ entitlements.
With over ₦22 trillion in pension funds, Jallo affirmed that Nigerian retirees should not have to endure hardship, emphasizing the committee’s dedication to ensuring pension funds are properly managed and retirees’ rights protected.
