EXPLANATORY MEMORANDUM

This Act amends the Pension Reform Act No.2 of 2004 in order to, among other things, exempt members of the Armed Forces of the Federation and members of the Intelligence and Secret Services from the application of the scheme so as to eliminate the problems associated with the contributory pensions scheme as it concerns the military personnel and members of the Intelligence and Secret  Services in line with international best practices.

PENSION REFORM (AMENDMENT) ACT, 2010

ARRANGEMENT OF SECTIONS

Section:

1.             Amendment of Act No.2 of 2004.

2.             Amendment of section 8.

3.             Citation

PENSION REFORM (AMENDMENT) ACT, 2011

An Act to amend the Pension Act No.2 of 2004 to, among other things,  exclude the members of the Armed Forces, Intelligence and Secret Services  of the Federation from the application of the scheme; and for related  matters.         

ENACTED by the National Assembly of the Federal Republic of Nigeria –

1.           The Pension Reform Act No.2 of 2004 (in this Act referred to as the “Principal Act”) is amended as set out in this Act.

2.           Section 8 of the Principal Act is amended by substituting for subsection (2),  a new subsection “(2)”-“(2) The categories of persons mentioned in section 291 and  members of the Armed Forces of the Federation in section 217 of  the Constitution of the Federal Republic of Nigeria, 1999 and   members of the Intelligence and Secret Services shall be exempted   from the scheme”.

3.           This Bill may be cited as the Pension Reform (Amendment) Act, 201 1.