The Nigerian Pension Industry: Securing the Future

Nigeria’s pension legal framework has undergone multiple changes since the first legislative act of 1951 called the Pension Ordinance, which had retroactive effect from 01 January 1946. 

The last major change was in 2004 with the enactment of the Pensions Reform Act (PRA 2004), 

which introduced the Contributory Pension Scheme (CPS) and made it mandatory for employers and employees in both the public and private sectors to contribute towards the retirement of employees. 

The current pension regime has been designed to maximise the potential of the Contributory Pension Scheme, making provision for the establishment of the National Pension Commission and establishing guidelines for the activities of key players within the Pension Industry. 

However, in order to further secure pension fund assets and drive industry growth, a review was made and passed into law in July 2014. 

The review of the Pension Reform Act 2004 introduced several changes within the pension industry which have key implications for industry stakeholders.

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Mary Iwelumo

Partner & Ethics and Business Conduct Leader, PwC Nigeria

Tel: +234 1 271 1700

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