Nigeria. PenCom against Devolution of Power Bill
The National Pension Commission (PenCom), has kicked against the ongoing amendment on pension in the Constitutional Amendment Bill No.3 on Devolution of Powers by the National Assembly.
The Acting Director-General, Mrs. Aisha Dahir-Umar, said the amendment if passed into law, will bring chaos and regulatory arbitrage in the country.
She said acceding to the proposed amendment which allows State Houses of Assembly to enact laws establishing regulatory agencies on pension matters would directly be in conflict with the Pension Reform Act (PRA) 2014 and, therefore, invalid for reasons of its inconsistency with the provision of Section 4(5) of the 1999 Constitution (as amended).
She made this known in a position paper titled, ‘Subject of Pensions in the Constitutional Amendment Bill No. 3 on Devolution of Powers,’ made available to journalists in Lagos.
She said the proposed amendment will bring unintended negative consequences that will require another round of tedious constitutional amendment to address.
She noted that the. Pension Reform Act, 2004 as repealed by PRA 2014 has appropriately addressed the issues that the proposed amendment in the Bill No. 3 seeks to address, adding that It only reproduced same issues, thus its needlessness.
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