House Passes Pension Bill

By Ahamefula Ogbu, This Day News

Nigeria

June 23, 2004

The Joint conference Committee of the National Assembly have passed and adopted the hitherto Contributory Pensions Bill into law thereby incorporating both the Private and public sectors in the scheme.

Presenting the report of the Committee to the House, Honourable Chidi Duru said that they had harmonized the positions of both chambers and came up with a clean copy of the bill, which he laid, on the table of the House. 

Pointing out that the bill is ready for the President's asserts, Duru noted that it was unanimously adopted by the House with a new name, "bill for an Act to Repeal the Pensions Act, 11990 and to Establish a contributory Pension Scheme for Employees in the Public Service of the Federation, Federal Capital territory and the Private Sector in the federal Republic of Nigeria and for Matters Connected Therewith, 2004".

By the new title, all workers at the three tiers of government and the private sector are to be covered by the law and make pensions compulsory both in its contributions and benefits.

Section 16 of the new document makes representatives of the Head of Civil Service of the Federation, Ministry of finance, Nigerian labour congress, the Nigerian union of Pensioners, the Nigeria Employers Consultative Association, the Central Bank of Nigeria and the Securities and Exchange Commission members of the board which will in addition have a part time Chairman and a Director General.

The funds are to be managed by pensions fund administrators who will manage and invest the funds according to the provisions of the law.