ABSTRACT
The study was carried out to examine the relationship between government pension officers and pension fund administration in Nigeria, examine the effect of budget allocation and pension fund administration in Nigeria pensioners and also to examine the effect of pensioners’ education in pension fund administration in Nigeria. The study adopted the descriptive design and was guided through a self-structured questionnaire administered to 50 pension officers Ekiti. Findings from the study revealed that the government pension officers are not well equipped to properly administer pension fund. The nigerian budget allocation scheme needs to be overhauled to favour pensioners. Budget allocation and pension fund administration has no effect on Nigeria pensioners. Pensioners’ education will have a positive effect on pension fund administration in Nigeria. The study recommends that the government should continue to give adequate analysis to the function of pension scheme adopted and accord it the pride of place in the system. Employee should be recognised and motivated to see their ability and capability as important either towards the future of the organisation or individual life after meritorious service. The structure of the pension package means a lot to the workforce; hence organization should embark on an effective comparative analysis of its pension style before determining how its employees could be compensated. This will help the organisation to retain and attract competent employees and reduce wastage. The contributory pension scheme should be encouraged by its practitioners inform of provision of adequate means of sensitization or interactions such as seminars to continually update organisations and employees’ on the benefits of new scheme and its importance on life after retirement. Regulators of the contributory pension scheme should at interval inspect the operators on prompt payment of retirement benefits to retirees to avoid frivolous deals and where found otherwise, sanction should be desirable to shield competency of the scheme.
TABLE OF CONTENTS
Title Page
TITLE PAGE i
CERTIFICATION ii
DEDICATION iii
ACKNOWLEDGMENT iv
ABSTRACT vi
TABLE OF CONTENTS vii
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study 1
1.2 Statement of the Problem 3
1.3 Research Questions 4
1.4 Objectives of the Study 4
1.5 Test of Hypotheses 5
1.6 Significance of the Study 5
1.7 Scope of the Study 5
1.8 Operational Definition of Terms 6
CHAPTER TWO: LITERATURE REVIEW
2.1 Conceptual Classifications 8
2.1.1 Pension 8
2.1.2 Overview of the Pension Reform Act 11
2.1.3 Sources of Pension Funds 12
2.1.4 Pension Administration in Nigeria 12
2.1.5 Factors Attributable to Poor Pension Management in the Nigerian Public Sector 13
2.1.6 Strategies for Effective Pension Administration in the Nigeria Public Sector 15
2.1.7 Audit Queries 18
2.1.8 The National Pension Commission (PENCOM) 19
2.1.9 Contributory Pension Scheme 19
2.1.10 Differences Between the New Scheme and Previous Pension Arrangement 21
2.2 Theoretical Review 22
2.2.1 Productivity theories of pension 22
2.2.2 Theory of Life Cycle 23
2.3 Empirical Review 23
2.3.1 Empirical Evidences from Developed Countries 23
2.3.2 Empirical Evidences from Developing Countries 28
2.3.3 Empirical Evidence from Nigeria 32
CHAPTER THREE: RESEARCH METHODS
3.1 The Area of the Study 39
3.2 Research Design 39
3.3 Source of Data 40
3.4 Population of the Study 40
3.5 Sampling Method 40
3.6 Method of Data Analysis 41
3.7 Model Specification 41
3.7.1 Test of Significance of Parameter Estimates 42
3.8 Apriori Expectation 43
CHAPTER FOUR: PRESENTATION OF DATA ANALYSIS AND DISCUSSION
4.1 Evaluation Based on Statistical Criteria 45
4.2 The Student T-Test 45
4.3 Evaluation Based on Econometric Criteria 46
4.4 Tests for Autocorrelation 47
4.5 Evaluation of Working Hypothesis 47
4.6 Discussion of Findings 48
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary 49
5.2 Conclusion 49
5.3 Recommendations 50
BIBLIOGRAPHY 52
APPENDIX 55
