Reform of Pension Laws to enable Citizens’ Access

Over the years, our pension system has faced challenges related to inefficiency, corruption, delayed payments, underfunding, and lack of inclusivity. Pensioners complain of difficulty accessing pension payments and the inadequacy of monthly payments. The current provision for access to only 25 percent of pension funds upon fulfillment of statutory requirements is deemed insufficient. Therefore, reforming the pension system is crucial to ensure that retirees live with dignity and that workers have confidence in the system.

i. Scrutinise the provisions and implementation of the Pension Reform Act to identify gaps and address emerging challenges in pension management and administration.
ii. The Senate will engage with pension stakeholders to achieve a review of pension fund management, ensure employers’
compliance with pension contributory schemes and oversee the enforcement of pension regulations. Upon completing the
review with stakeholders, necessary amendments will be made to achieve a robust, more efficient and effective pension scheme.
iii. Mandate transparent and frequent audits of pension funds and administrators and impose disclosure requirements on Pension Fund Administrators (PFAs).
iv. Legislate to expand coverage through schemes tailored to include workers in the informal sector.
v. Explore the need for legislation to allow a percentage of pension funds to be invested in critical infrastructure projects.