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The acting Director General of the National Pension Commission (PENCOM), Mrs. Chinelo Anohu-Amazu, may soon become the substantive head of the commission with the endorsement, by the legislature, of 15 years experience as a requirement for such an appointment.
The House of Representatives yesterday concurred with the Senate by passing the amendment to the Pension Reform Act, which states in Section 26 (2) (d) that “the Director General shall possess relevant and adequate professional qualification in pension matters with 15 years cognate experience.”
The Senate, on April 8, had amended the bill by lowering the post-qualification experience of the director general of Pension Commission from 20 to 15 years.
The House passed the Act, without alteration, after a clause-by-clause consideration at a session presided over by the Deputy Speaker, Hon. Emeka Ihedioha.
As a result of this, Anohu-Amazu will now hold office for a term of four years in the first instance and shall be eligible for reappointment for another term of four years.
Nonetheless, the bill retains the minimum of eight per cent contribution of salary monthly by employees into the scheme as in the principal Act and stipulates a minimum of 10 per cent monthly contributions by employers.
It also prescribed a 10-year jail term for anyone who misappropriates pension funds apart from refunding three times, the amount embezzled.
The new bill which has 121 clauses and 15 sections was passed after the Chairman of the House Committee on Pensions, Hon. Ibrahim Bawa Kamba, moved for the consideration of the report of his committee.