Strengthened the Contributory Pension Scheme — raised employer/employee contributions to 10%/8%, brought informal sector into scope.
The PRA 2014 amended the original 2004 Act that created the Contributory Pension Scheme. Key changes: raised mandatory contributions to 10% employer + 8% employee (was 7.5% each), brought micro-pension schemes for the informal sector into scope, strengthened PenCom's enforcement powers against errant employers, and clarified the death-benefit-payment regime. The CPS now has ~₦20tn in assets under management — the largest institutional pool of long-term capital in Nigeria.