Pension Reform Act (Amendment) Bill 2020

The House Plenary on Thursday 2nd July 2020 presented 56 Bills for first reading. Among the Bills were two (2) Pension Reform Act (Amendment) Bill 2020. Below are details about the bill;

11. Pension Reform Act (Amendment) Bill, 2020 (House Bill 870)
Sponsor: Hon. Mohammad Garba Datti
State: Kaduna
Party: All Progressives Congress

42. Pension Reform Act (Amendment) Bill, 2020 (House Bill 902)
Sponsor: Hon. Ogunlola Omowumi Olubunmi
State: Ekiti
Party: All Progressives Congress

The details of the Pension Reform Act (Amendment) Bills 2020 were not made public by the House but we were able to get the details of the Pension Reform Act (Amendment) Bill 2019 (see below). It’s expected that the amendment Bills may be consolidated year in year out and the Bill finally passed by the House will be incorporated into the the Pension Reform Act and named after the year it is passed into Law.

The 1st Pension Reform Act was signed into law in June 2004 while the 2nd was signed in June 2014, if the National Pension Commission follows this trend the next amendment to the Pension Reform Act will be in June 2024. However, considering the frequency of the amendment bills and the current growth rate in the industry, it’s possible that we could see a new law in 2022. We are tracking the industry and will provide updates once available.

Extract from Pension Reform Act 2004

Extract from Pension Reform Act 2014

Pension Reform Act (Amendment) Bill 2019