BPSR Committed to Implementing Pension Reforms – Arabi
The Bureau of Public Service Reforms, BPSR, said it remains steadfast in pursuing effective governance structures and processes that meet the expectations of stakeholders and beneficiaries/citizens.
The agency’s Director General, Dasuki Ibrahim Arabi gave the assurance at a “Roundtable on the Impacts of Pension Reforms Act in Nigeria”.
The roundtable, which the Bureau organized, attracted key experts and stakeholders pension matters.
Arabi explained that pension reforms have always been an essential aspect of a nation’s efforts to secure the financial future of its citizens after retirement.
“The Pension Reform Act (PRA), was initially enacted in 2004 and subsequently amended in 2014, which has been a significant milestone in Nigeria’s pension administration and has had far-reaching impacts on both individuals and the economy.
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“Therefore, the commitment to its reform is evident, and it is our duty to ensure that these reforms are not just on paper but are effectively implemented to benefit our retirees,” he said.
The BPSR Chief Executive noted that the Contributory Pension Scheme is regulated by the National Pension Commission (PenCom), which ensures that pension funds are managed transparently and diligently. He said Pension fund administrators (PFAs) and custodians were established to manage and safeguard pension assets, creating a system of checks and balances.
His words: “Unarguably, the impacts of Pension Reform Act in Nigeria is designed to address the fundamental flaws of the previous system, and it will bring about significant changes subsequently to allow retirees to access their benefits in a timely manner, and also to avoid the unfortunate delays that once plagued the system.
“Today’s roundtable is a testament to our dedication to driving, embedding, and implementing reforms in pension management and overall service delivery in Nigeria”.
