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Nigeria’s pension industry has undergone several stages of transformation since the first legislative act on pension (Pension Ordinance) was introduced in 1951. Over time, series of legislative and labour market reforms have continued to reshape the structure and fortunes of the industry.
The most remarkable change in recent times is the Pension Reform Act of 2004 (PRA 2004) which was reviewed in July 2014.The PRA introduced the Contributory Pension Scheme (CPS) which made it mandatory for employers and employees to contribute towards the retirement benefits of employees in both the public and private sectors.
The CPS was restructured to enhance the effectiveness and impact 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.
Fourteen years down the line, the CPS has recorded phenomenal success and exponential growth. However, with just 8.8% of the total working population in Nigeria currently contributing 7.52 trillion Naira in pension assets, there exists significantly untapped headroom for growth within the industry.