The uncertainty regarding the commencement date of the new pension law signed by President Goodluck Jonathan on 1 July 2014 has now been laid to rest with the gazetting of the law. Based on the gazetted copy dated 2 July 2014 (see below), the commencement date of the new law is 1 July 2014.
By implication, affected employers would have to implement the law immediately and true-up any shortfalls in their contributions for July 2014 to bring their compliance up to date.
All other grey areas in the new law remain unresolved (see article on "the good, the bad and the ugly" for details).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.