By Philip Buda Ladu
Council of Ministers has passed Pensions Fund Act 2012 (Amendment Bill, 2025) that would reconstitute the National Pension Scheme board and clearly define its functions and duties.
Justice Ruben Madol, the Minister of Justice and Constitutional Affairs, on Friday, January 31, 2025, presented the amendment bill to the cabinet in its regular meeting.
Minister of Information and Government spokesman, Michael Makuei told the media shortly after the meeting that the amendment was made to conform to the provisions of the revitalized peace agreement (R-ARCSS).
“This amendment was done by the National Constitutional Amendment Committee, (NCAC), which was a body established by the agreement and this body actually is meant to improve on some of the provisions so that they are in conformity with the agreement” Makuei explained.
He highlighted that some of these provisions have to do with the management of the fund, increase to the number of the members of the board.
According to act the members of the board were seven, but the new amendment bill have increased it to nine.
Makuei added that some financial functions and duties which were not properly aligned have been pressed out clearly so that the people can understand it.
Furthermore, there also came up the issue of the pensions fund between the national and the states government.
There is some confusion on who collects the pensions fund for all the employees of the states and the administrative areas and the national government.
However, after thorough deliberations, the Cabinet passed the bill, with amendments and directed the Minister of Justice to insert these amendments and present the same to the parliament for consideration.
“All these are confusions that had been there and they have been straightened now and this is why the bill was passed and it is going to the National Legislative Assembly for consideration” Makuei told reporters on Friday.