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DEVELOPING EFFECTIVE STRATEGY FOR PENSION ADMINISTRATION IN THE NIGERIAN PUBLIC SECTOR (A STUDY OF PENSION COMMISSION RIVERS STATE, NIGERIA)

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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 noneffective 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 shoul

TABLE OF CONTENTS

Title Page—————————————————————-i

Approval Page———————————————————-ii

Dedication—————————————————————iii

Acknowledgement—————————————————–iv

Abstract——————————————————————v

Table of content——————————————————–vi

List of table————————————————————–viiCHAPTER 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 ——————————————-51.7 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 ————————————————————10

2.1 Historical Development of Pension Administration and

reform in Nigeria ————————————————————14

2.2 Nigeria Private Sector ————————————————–17

2.3 The Udoji Pension Reforms ——————————————–19

2.4 Survivor Benefits ———————————————————28

2.5 Computation of retirement benefits ———————————-31

2.6 Factors attributable to poor pension Management in the Nigeria

public Sector ———————————————————————34

2.7 Strategies for Effective pension Administration in the Nigeria public

sector ——————————————————————————–37

2.8 The National Pension Commission {PENCOM} ————————–43

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 ———————————————————–85Bibliography ———————————————————————–87

Appendix I ————————————————————————–89

Appendix ii ————————————————————————–90

CHAPTER ONE

4. Enable providers of pension, plans quickly to improve the flexibility and appropriateness of today`s product.

However, it is the researcher`s belief that greater attention to ethical and social responsibilities will improve the way pension funds are managed and ministered.

1.7 SCOPE OF THE STUDY

This project work is concerned with an effective strategy for pension administration in Nigeria public sector. The work will be limited with pension commission (PENCOM) and with other relevant areas such as pension scheme for civil servants, pension governance, Nigeria Social Insurance Trust Fund, Contributory pension scheme.

1.8 LIMITATIONS OF THE STUDY

1. Developing effective strategy for pension administration in the Nigeria public sector (a study of pension commission) has not been an easy task due to inaccessibility to some relevant materials most managers of government prostrate perceived this research work as adding their companies thereby withholding vital information.

Consequently, some staff of the pension bodies was reluctant to discuss the subject freely.

2. Time factor is also another problem, which affected the compilation of this work, despite the high scheme in the school; period allocated for the project work must be strictly worked towards.

3. The incessant bombing in the country thereby posing everybody a prime suspect also was one of the limitations.

1.9 DEFINITION OF TERM

1. PENSION: is a fixed sum paid regularly to a person, typically given retirement from service.

2. PENSION FUND: is any plan, fund or scheme which provides retirement income.

Pension should not be confused with severance pay; the former is made in regular installments while the later is paid in one lump sum.

3. RETIREE: is one who has retired from active working life. Retirees receive pension. 4. GRATUITY: is money given to an employee in return for service(s) at retirement. 5. LUMP SUM: is a single payment for a number of separate items, money paid in full rather than in several smaller amounts. 6. ANNUITY: is any terminating stream of fixed payments over a specified period of time. 7. PENSION ADMINISTRATION: is the management of pension funds and fairs. 8. PRE-REQUISITE: is a thing required as a condition for some other things to happen or exist.

9. PUBLIC SECTOR: is the part of an economy concerned with providing basic government services. These include services such as Police, Hospitals, Schools, Military and Public transport.