Historical Development of Pension Administration and reform in Nigeria

Get Complete Project Material File(s) Now! »

FACTORS ATTRIBUTABLE TO POOR PENSION MANAGEMENT IN THE NIGERIAN PUBLIC SECTOR

1. Poor record keeping;
– Poor record keeping has been the bane of Nigeria public service pension scheme. Many pension departments at the federal, state and local government level have no up to date records of retirees when they are living or dead. This in turn makes it impossible for them to determine their actual pension benefit obligations at any particular time. It has been discovered that most government pension departments are not computerized.
2. Incident of Ghost workers;
– Because of poor record keeping, there have being reported cases of ghost pensioners in all the ties of government. Corrupt officials take advantage of administrative lapses to perpetuate fraud on a massive scale to the detriment of both the government and the
pensioners. This in turn undermines the ability of the government to pay benefits in future.
3. Low quality man power;
– many government pension departments are manned not really by staff specifically trained for pension scheme administration. In the same vein, many members of board of trustees of government parastatal are hardly conversant with the rudiments of pension scheme administration.
4. Non-Actuarial valuation of the scheme;
– The Nigeria public sector pension scheme has never at any level been subjected to any actuarial valuation. This explains why it is almost impossible to determine its current status, exact amount needed to meet all pension obligations, growth rate of membership of the scheme, level of funding required to sustain this and future prospects of the scheme. All these make planning for the efficient running of the scheme an arduous task.
5. Non-indexation of pension benefits;
– Despite the hyper inflationary situation in Nigeria, which has been on for decades now , pension payable to retirees are not inflation indexed. Pensioners are now getting some relief only because of the recent pension harmonization exercise.
6. Inadequate pension benefits;
– Until recently when computation of pension started to be based on total emoluments as against basic pay, public service pension were very meager. Many public servants relapse into destitution immediately after retirement with many falling sick and prematurely. This situation rebates the very concept of a pension scheme.
7. Low worker morale in pension departments;
– Pension departments in the public services are often not provided with the required working tools and necessary infrastructures. The staff of these departments are often not fully motivated, often times, to the point of frustration. Many become fraudulent because of this situation; these problems affect their attitude to work and the image of the department they work for.

READ Career characteristics of graduating students

CHAPTER ONE
1.0 Introduction
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective of the study
1.4 Test of Hypotheses
1.5 Research Questions
1.6 Significance of the study
1.7 Scope of the study
1.8 Limitation of the study
1.9 Definitions of terms
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 benefit
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
3.1 Research Design
3.2 Area of Study
3.3 Source of Data
3.4 Population of Study
3. 5 Determination of Research Instrument
3.6 Sampling Procedure
3.7 Administration of Research Instrument
3.8 Method of data analysis
CHAPTER FOUR
DATA ANALYSIS AND PRESENTATION
4.0 Introduction
4.1 Data presentation and analysis
CHAPTER FIVE
SUMMARY, CONCLUSION, RECOMMENDATION
5.1 Summary of Finding
5.2 Conclusion
5.3 Recommendations
Bibliography