Replaced the old defined-benefit pensions with a mandatory Contributory Pension Scheme and created PenCom — repealed by the 2014 Act.
The Pension Reform Act 2004 introduced Nigeria's Contributory Pension Scheme, mandating individual Retirement Savings Accounts funded by employer and employee contributions, and established the National Pension Commission (PenCom) as regulator with licensed Pension Fund Administrators and Custodians. It was repealed and re-enacted by the Pension Reform Act 2014.