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DEVELOPING EFFECTIVE
STRATEGY FOR PENSION ADMINISTRATION IN THE NIGERIAN PUBLIC SECTOR
ABSTRACT
This research work is designed to develop effective strategy
for pension administration in the Nigeria public sector, using pension
commission as a study. The research work reveals how some retirees are forced
to continue to work throughout their life, not out of choice but for lack of
means of sustenance at old age. The sources of data collection for this work
are primary and secondary sources, the researcher in this process of data
collection for the research regarded the questionnaire to serve as the most
important instrument used in the research, and the data gathered from
questionnaire are analyzed by simple percentage, the chi-square techniques was
employed to test the hypothesis and interpret the information for better
understanding. The findings reveal that, a non-effective and efficient strategy
of pension administration can be likened to poor pension administration and
budgeted income to pensioners is not implemented as at when due. The
implication were that, committees should be set up to audit the performance of
pension boards and other pension bodies and responsibility should be assigned
to the right people who must have access to the right information concerning
retires and also retirees should not solely depend on pension after retirement,
alternate plans should be made from day one of the start of one’s working
years, this could include setting aside a percentage of one’s salary in
anticipation of retirement.
TABLE OF CONTENTS
Title Page—————————————————————-i
Approval Page———————————————————-ii
Dedication—————————————————————iii
Acknowledgement—————————————————–iv
Abstract——————————————————————v
Table of content——————————————————–vi
List of table————————————————————–vii
CHAPTER ONE
1.0 Introduction ——————————————————-1
1.1 Background of the study —————————————-1
1.2 Statement of the problem —————————————3
1.3 Objective of the study ——————————————–4
1.4 Test of Hypotheses ————————————————4
1.5 Research Questions————————————————-5
1.6 Significance of the study ——————————————-5
1.7 Scope of the study—————————————————7
1.8 Limitation of the study———————————————–7
1.9 Definitions of terms ————————————————–8
CHAPTER TWO
LITERATURE REVIEW
2.0 Introduction ————————————————————10
2.1 Historical Development of Pension Administration and
reform in Nigeria ————————————————————14
2.2 Nigeria Private Sector ————————————————–17
2.3 The Udoji Pension Reforms ——————————————–19
2.4 Survivor Benefits ———————————————————28
2.5 Computation of retirement benefits ———————————-31
2.6 Factors attributable to poor pension Management in the
Nigeria public Sector ———————————————————————34
2.7 Strategies for Effective pension Administration in the
Nigeria public sector ——————————————————————————–37
2.8 The National Pension Commission {PENCOM} ————————–43
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.0 Introduction ——————————————————————–56
3.1 Research Design ————————————————————–57
3.2 Area of Study ——————————————————————57
3.3 Source of Data —————————————————————–58
3.4 Population of Study ———————————————————–59
3. 5 Determination of Research Instrument ———————————60
3.6 Sampling Procedure ———————————————————-61
3.7 Administration of Research Instrument ———————————-62
3.8 Method of data analysis —————————————————–62
CHAPTER FOUR
DATA ANALYSIS AND PRESENTATION
4.0 Introduction ——————————————————————63
4.1 Data presentation and analysis ——————————————-63
CHAPTER FIVE
SUMMARY, CONCLUSION, RECOMMENDATION
5.1 Summary of Finding ———————————————————-80
5.2 Conclusion ———————————————————————84
5.3 Recommendations ———————————————————–85
Bibliography ———————————————————————–87
Appendix I ————————————————————————–89
Appendix ii ————————————————————————–90
LIST OF TABLES
Table 4.2.1 Administration and distribution of questionnaire
Table 4.2.2 Age distribution of Respondents
Table 4.2.3 Marital status of Respondents
Table 4.2.4 Position of Respondents
Table 4.2.5 Perception of Respondents as to whether a
non-effective and efficient strategy of pension Administration can be related
to inadequate Accountability of public funds
Table 4.2.6 Perception of Respondents as to whether a
budgeted income to pension are implemented
Table 4.2.7 Perception of Respondents as to the Delay in
payment of pension
Table 4.2.8 Perception of Respondents as to whether there is
any significant effect on pensioners as a result of non-payment of pension
Table 4.2.9 Perception of Respondents as to whether a more
and effective strategy for pension administration can be ensured efficient
Table 4.10 Can non effective and efficient strategy for
pension administration can be due to poor pension Governance?
Table 4.11 is budgeted income to pensioners implemented as at
when due?
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The greatest challenge to government worldwide remains the
issue relating to pension fund management. A financial analyst called Alexandra
Forbes argues
“Pension Management, world over, has become an increasingly
great concern to most government and countries of the world”.
And coming to Nigeria, the country was guided by a number of
pension regimes prior to the promulgation of the pension Act 2004, pension
schemes in Nigeria had been bedeviled with many pitfalls. The public service
operated an unfounded defined benefit schemes and the payment of retirement
benefits were budgeted annually. The annual budgetary allocation for pension
was often one of the most vulnerable items in budget implementation in even
where budgetary provisions were made, inadequate and untimely release of fund
resulted in delays and accumulation of arrears of payment of pension rights. It
is then obvious that, the defined benefit scheme could not be sustained.
In the private sector on the other hand, many employees were
not covered by the pension scheme put in place by their employers and many
other schemes were not funded. Besides, where the schemes were funded, the
management of the pension funds was full of malpractices between the fund
management and the trustees of the pension board.
The scenario agitated a re-think of pension administration in
Nigeria by the then President Olusegun Obasanjo`s administration, accordingly,
the administration initiated a pension reform in order to address, eliminate
and eradicate the problems associated with pension reform act 2004.
Good times come and go, retirement is definite, and the
question therefore is “Can people still live a good life after retirement”? The
non-implementation of budgeted income to pensioners, a non-effective strategy
for pension administration is seemingly a growing problem in Nigerian economy.
Some retirees are forced to continue to work throughout their life not out of
choice but for lack of means of sustenance at old age. They are therefore
forced to go in search of menial jobs to make ends meet, since they are not
even sure of getting their pensions.
Apart from the stress associated with working at old age, how
relevant can an individual be at age 70 or 80 in the face of ever changing
knowledge brought about by advancement in technology? Besides, of what use is
life without rest at old age? Even where one is willing and able to continue
working, the opportunity for the elderly to continue working is declining.
However, it is against this backgrounds that the researcher wishes to develop
effective strategy for pension administration in the Nigeria public sector.
1.2 STATEMENT OF THE PROBLEM
First comes the layoffs then pay cuts finally a delay in the
payments of benefits due to poor policy formulation and implementation,
incorrect record keeping and inadequate accountability of public funds. The
non-implementation of budgeted income to pensioners, delay in the payment
and denial of pension accrued to pensioners leading to
pensioners protesting over non-payment of pensions and non-compliance with
ethics of public financial management.
1.3 OBJECTIVES OF THE STUDY
The aims and objectives of the study are to ;-
1. To proffer solutions to the problem that brings about a
non-effective and efficient management in pension administration.
2. To identify measures and steps dealing with the issues of
poor implementation of budgeted income to pensioners.
3. To examine the quality of personnel in various pension
boards.
4. To ascertain whether the administration of pension funds
are done judiciously.
1.4 TEST OF HYPOTHESIS
For the purpose of the study, the following hypothesis were
put forward;-
1. Ho : Non-effective and efficient management cannot be
compared to poor pension administration.
2. Hi : Non-effective and efficient management can be
compared to poor pension administration.
Ho : The budgeted income to pension are not implemented as at
when due.
Hi : The budgeted income are implemented as at when due
1.5 RESEARCH QUESTIONS
1. Can people still live a good life after retirement?
2. Why poor policy formation and implementation of pension
benefits?
3. Does incorrect record keeping and inadequate
accountability of public funds case delay pension benefits?
4. Does non-implementation of budgeted income to pensioner
leading to pensioners protesting over non-payment of pension?
5. Does non-compliance with ethics of public financial
management cause problem of pension?
1.6 SIGNIFICANCE OF THE STUDY
Holistic change is required in order to create a framework
that will enable consumers have a greater financial security at old age. This
study signifies a whole lot; it is intended to find out the intrinsic and
extrinsic cause of poor pension administration. The findings will hopefully:
1. Assist the researcher that although simple in nature will
a. Effect radical improvements in the administration of
pension funds
b. Deliver significant benefits to all consumers when they
retire.
2. Serve as a guide to public official in charge of this
administration of pension funds to pensioners.
3. Assist the governments in setting priorities according to
their social fiscal policies.
4. Enable providers of pension, plans quickly to improve the flexibility
and appropriateness of today`s product.
However, it is the researcher`s belief that greater attention
to ethical and social responsibilities will improve the way pension funds are
managed and ministered.
1.7 SCOPE OF THE STUDY
This project work is concerned with an effective strategy for
pension administration in Nigeria public sector. The work will be limited with
pension commission (PENCOM) and with other relevant areas such as pension
scheme for civil servants, pension governance, Nigeria Social Insurance Trust
Fund, Contributory pension scheme.
1.8 LIMITATIONS OF THE STUDY
1. Developing effective strategy for pension administration
in the Nigeria public sector (a study of pension commission) has not been an
easy task due to inaccessibility to some relevant materials most managers of
government prostrate perceived this research work as adding their companies
thereby withholding vital information.
Consequently, some staff of the pension bodies was reluctant
to discuss the subject freely.
2. Time factor is also another problem, which affected the
compilation of this work, despite the high scheme in the school; period
allocated for the project work must be strictly worked towards.
3. The incessant bombing in the country thereby posing
everybody a prime suspect also was one of the limitations.
1.9 DEFINITION OF TERM
1. PENSION: is a fixed sum paid regularly to a person,
typically given retirement from service.
2. PENSION FUND: is any plan, fund or scheme which provides
retirement income.
Pension should not be confused with severance pay; the former
is made in regular installments while the later is paid in one lump sum.
3. RETIREE: is one who has retired from active working life.
Retirees receive pension.
4. GRATUITY: is money given to an employee in return for
service(s) at retirement.
5. LUMP SUM: is a single payment for a number of separate
items, money paid in full rather than in several smaller amounts.
6. ANNUITY: is any terminating stream of fixed payments over
a specified period of time.
7. PENSION ADMINISTRATION: is the management of pension funds
and fairs.
8. PRE-REQUISITE: is a thing required as a condition for some
other things to happen or exist.
9. PUBLIC SECTOR: is the part of an economy concerned with
providing basic government services. These include services such as Police,
Hospitals, Schools, Military and Public transport.
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