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Annual Survey of International & Comparative Law

Abstract

This work surveys the modalities for pension trust investment in Nigeria, which has only recently been favoured with a distinct legal framework. It gives a brief historical account of pension administration in Nigeria, identifies the policy and philosophical underpinnings of the new pension regime, expounds the relevant provisions of the Pension Reform Act 2014 together with the Regulation on Investment of Pension Fund Assets, and concludes with a critique of the Act and recommendations. Pertinent comparison is made between the provisions of the new legislation and extant Trustee Investments Act (which hitherto governed pension trust investments) with a view to underscoring the sea change wrought by the new Act. Despite drafting flaws and other inadequacies, by creating a separate regime for pension trust investment; introducing defined contribution scheme and pension trusts into the public service; enlarging the scope of pension trust investments and initiating guaranteed minimum pension and Pension Protection Fund, the recent enactment represents a milestone in the annals of Nigerian pension legislation.

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