This Act repeals the Pension Reform Act No .2, 2004 and enacts the Pension Reform Act, 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria. The main aim of the law is to ensure that employees save towards retirement and that every Federal/Public and Private sector employee receives their retirement benefits as and when due. The law establishes a mandatory funded contributory Pension scheme based on Individual Retirement Accounts for all Federal and Private Sector employees. The PRA 2014 has revised the rate of pension contribution (from 7.5% contributed equally by the employer and employee under the old law) to 8% for the employee and 10% for the employer; bringing the minimum total contributions for both parties to 18% compared to 15% previously. As contained in the 2004 legislation, an employer may choose to make the total mandatory contributions without making deductions from the salary of the employee; however, total remittance for any employer who chooses to remit without recourse to the employee must not be less than 20% of the monthly emolument of the employee. Monthly emolument is defined to mean total emolument as contained in the employee’s contract of employment, but shall not be less than the total sum of basic salary, housing and transport allowance. Employees are further compelled to retain the fund (comprising of contributions and net income therein) until they reach the age of 50 or retire, wherever is later. The Act nullifies the Pension Act, 1990, the Police and Other Agencies Pensions Offices (Establishment, etc) Act, 1993 and the Police Pension Rights of Inspector General of Police Act 1993. The Armed Forces Pension Act 1990 and the National Social Insurance Trust Fund Act 1993 will be amended and brought up to date to conform to the provisions of the Act. The intent of the Act is to dispense with the un-funded, defined-benefit pension scheme prevalent in the public sector and establish a fully defined contribution scheme for all employees in the Public and Private sectors. The law establishes a mandatory funded contributory Pension scheme based on Individual retirement Accounts for all Federal and Private Sector employees. It covers all private sector organizations with five (5) or more employees to make a minimum contribution of 15% of the emoluments (Annual Basic salary, transport and Housing allowance) to the Retirement savings Account (RSA) of each staff. Such contributions are to be paid into account of the pension Fund Administrator(s) (PFAs) selected by the individual staff with the Pension Fund Custodian (PFCs) nominated by the PFA. The Act establishes the National Pension Commission (PenCom) as the apex Regulatory body for Pension and two main service providers: Pension Fund Administrator (PFA) Pension Fund Custodian (PFC). The reform has created new opportunities in these two service areas from Pensions of both Federal/public sector and the Private Sector employees as well as of various state Governments, who though not mandated under the law, have since initiated the process of enabling similar laws. OAK Pensions Limited is therefore targeted at exploiting the huge potential market awaiting the Pension Fund Administrator under the new law.