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DEVELOPING
EFFECTIVE STRATEGY FOR PENSION ADMINISTRATION IN THE NIGERIA 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
2.1 Historical
Development of Pension Administration and reform in Nigeria
2.2 Nigeria Private
Sector
2.3 The Udoji Pension
Reforms
2.4 Survivor Benefits
2.5 Computation of
retirement benefits
2.6 Factors
attributable to poor pension Management in the Nigeria public Sector
2.7 Strategies for
Effective pension Administration in the Nigeria public sector
2.8 The National
Pension Commission {PENCOM}
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
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