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 CONTENTSTitle Page----------------------------------------------------------------i
Approval Page----------------------------------------------------------ii
Dedication---------------------------------------------------------------iii
Acknowledgement-----------------------------------------------------iv
Abstract------------------------------------------------------------------v
Table of content--------------------------------------------------------vi
List of table--------------------------------------------------------------vii
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
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}
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
DATA ANALYSIS AND PRESENTATION
4.0 Introduction ------------------------------------------------------------------63
4.1 Data presentation and analysis -------------------------------------------63
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
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?
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
