The main objectives and features of the Pension Reform Act 2004 are:

1. To ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due;
2. To assist individuals by ensuring that they save to cater for their livelihood during old age and thereby reducing old age poverty;
3. To ensure that pensioners are not subjected to untold suffering due to inefficient and cumbersome process of pension payment;
4. To establish a uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the Public Service of the Federation, Federal Capital Territory and the Private Sector; and
5. To stem the growth of outstanding pension liabilities.

The pension reform programme is governed by the key principles of sustainability, safety and security of benefits, transparency, accountability, equity, flexibility, inclusivity, uniformity and practicability.