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THE MANAGEMENT OF PENSION SCHEME IN NIGERIA (PROBLEMS AND PROSPECTS)

ABSTRACT

The topic of this research is “The Management of Pension Scheme in Nigeria” (Problems and Prospects).

The work is organized into five chapters, the first of which contains an introduction, a statement of the problems, study aims, significance, research questions, scope and limitations, and a glossary of words.

The second chapter covers the literature review, historical development, and other topics. The third chapter addresses research technique, which includes data sources, population of study, instruments employed, and validity of the instruments.

The summary and discussion of findings are covered in Chapter 4. After going over the entire research project, Chapter 5 deals with the conclusion and recommendations.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Many Nigerians today have little understanding of what a pension program is. Although some firms have established an occupational pension plan, others have not calculated the value of the plan.

Those who have not yet recognized the significance of a pension system should be encouraged to do so promptly, and progressive businesses who provide suitable benefits to the poor should be admired. It is vital to provide a brief definition of pension while introducing the subject matter of this project. A pension is a series of regular payments made by an employer or the government to a former employee who has reached the end of his or her working career.

 

For all government employees, this pension payment is payable when they reach the age of 65.

Apart from the obvious relevance of providing pensions, there are others, such as the purpose of pension schemes in creating a sense of belonging, strengthening, and laying the groundwork for industrial peace. As a result, any pension plan that provides for regular payments to retired employees with the option of extending benefits to qualifying survivors is generally regarded as acceptable by workers.

The researcher intends to focus on the management of pension schemes in Nigeria now that the policy of establishing pension schemes in any section of the country, whether private administered (trust) or insured, has been created.

The difficulties faced by retired civil officials as a result of the use of terms in the funding mechanism, as well as the impact of inflation on the pension fund

STATEMENT OF PROBLEM

The following are problems that have been formulated for the research work’s study.

The public’s failure to comprehend the benefits of a pension scheme’s contribution to economic security.

In the private sector, there is a lack of awareness of the existence of a contributory pension program.

The general public has a poor understanding of how pension schemes are managed.

OBJECTIVES OF THE STUDY

The following are some of the goals of this research project:

The purpose of this study is to look into the viability of the Nigerian pension scheme management.

 

To assess how a pension program has contributed to the reduction of economic insecurity in old life.

 

To describe how a pension scheme operates and the various types of retirement benefit schemes that have been approved under the Pension Reforms Act of 2004.

 

To determine the contribution of the pension program to the country’s economic growth and development.

RESEARCH QUESTIONS

Is the pension program helping to alleviate the country’s economic hardship?

Are there any advantages to managing a pension program effectively and efficiently in Nigeria?

Is the general public well-informed about pension schemes and how they work?

Is there a problem with effective pension scheme management in Nigeria?

SIGNIFICANCE OF THE STUDY

The following people will benefit from this research:

This study will be beneficial to students’ academic endeavors and will serve as a database for students’ academic work and future research in the connected field.

 

PENSION ADMINISTRATORS

 

The report will be extremely useful to pension fund managers, administrators, and customers.

 

STAKEHOLDERS

 

The research will educate as well as raise awareness about the importance and benefits of a pension plan.

 

RESEARCHERS

 

This study will provide researchers with some important information and will serve as a foundation for validating or disapproving the research findings.

 

THE UNITED STATES OF AMERICA AS A WHOLE

 

The study will offer the pension management the ways and means through which inflation can be efficiently tackled.

SCOPE AND LIMITATION OF THE STUDY

This study’s scope is limited to a few select pension managers, the Enugu State Government Pension Board, retirees, and the Industrial and General Insurance Company plc.

LIMITATION

The following are some of the variables that limited the scope of this investigation.

Finance: The researcher was unable to expand to other states within the country due to a lack of financing.

Time: When compared to the institute’s scholarly work, the time allotted to this researcher was far too short.

Statistical Data: Data were insufficient for proper research, and access to the available data was not granted on a need-to-know basis.

DEFINITION OF TERMS

Administrators: A person whose duty it is to manage and organize a company’s or institution’s public or business activities.

Employees and employers each contribute a set percentage to the pension fund, which is referred to as contribution.

Employer: A person who owns, employs, or has jurisdiction over a specific employment activity.

Employees are people who work for a company and are responsible for completing a specific task.

Insurance is a precaution against any risk or unfavorable benefit or recompense to the insured’s beneficiary in the event of death or property damage.

Managers: A manager is someone in charge of running a business, a shop/store, or another similar organization or section of it.

Management:

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