Functional Analysis of Pension Scheme Reforms in Nigeria from 1946 to 2006.

Abstract

The paper content analyzed all available pension reform schemes in Nigeria as a matter of urgency as the public concern is growing over pension allowances. The need to carry out this research was exaggerated because most pensioners die while queuing to collect overdue arrears. It was argued that the public sector organization at both the federal, state, and local government levels and even private sector organizations, were failing woefully to meet up with payment of pension liabilities thereby retirees groaned under heavy survival burden and hunger before their monthly rights were given to them. The scourge of “ghost pensioners” has further aggravated the overgrowing pension crisis. The objective is to know how pensions for retirees were formulated. The study wants to recognize the value of the importance of the Nigeria pension Reform Scheme. In order to provide for the worker a proper guidance to the knowledge of what the pensioner‟s economic life will look like after work. These will adequately support his or her social life and possibly longevity or a prolonged life in retirement. Questionnaire, oral Interview supported by contents of previous publications collected on authoritative pension schemes in Nigerian books, documents and journals were used to aid gathering of data. A total of two hundred and twenty five respondents participated. Findings revealed that, a pensioner under old pension policy scheme (Defined Benefit Scheme) suffered neglect in receiving their gratuities and pensions. Many pensioners gave off the ghost before they could access reasonable percentage of their pension benefits. The paper recommended the use of a uniform pension scheme for both the public and the private sectors, and that retirement benefits should be funded by both the employer and the employee. Also, strict regulation of the activities of pension fund Administrators and National pension commission is to be established and charged with the responsibility for the regulation, supervision and effective administration of all pension matters in Nigeria.
Word Count 317

Key words: functional Analysis of Pension Reforms 1946-2006.