Enacted on June 25, 2004, the Pension Reform Act 2004 aimed to replace Nigeria’s criticized and ineffective Defined Benefit Pension Scheme. However, ten years later, the 2004 Act was repealed and replaced with the Pension Reform Act 2014, which primarily amended key sections of the original law. While pension administration has improved, particularly for retirees in the Federal public service, evidence suggests that the Contributory Pension Scheme under the 2014 Act still faces significant challenges reminiscent of the previous system. The research draws inferences from empirical studies, reports, and statutory data on Contributory Pension Scheme (CPS). Findings from reviewed literatures reveal significant improvements, including timely payment of benefits, increased coverage for public and private sector employees. However, challenges such as administrative inefficiencies, irregular remittances, fund mismanagement, and limited coverage for the informal sector persist, impeding the full realization of the pension scheme's objectives. The study also identifies the system’s critical role in social security and poverty alleviation among retirees but notes that delays in fund disbursement and inadequate benefits diminish its impact. Recommendations include strengthening regulatory frameworks, enhancing transparency, expanding pension coverage to the informal sector, and integrating digital systems to streamline administrative processes.