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The New Contributory Pension Scheme in Nigeria: Investment Returns and Pensioners Benefits in Federal Universities in South-Eastern Nigeria.

By Institute Of African Studies, University Of Nigeria, Nsukka.

Summary

Abstract:
Pension scheme administration in Nigeria, before the introduction of the new contributory scheme, was fraught with numerous problems associated with weak administration, lack of regulatory and supervisory agency, mismanagement of pension funds, absence of database on pensioners profiles, insufficient budgetary allocation and untimely release of funds which culminated in huge arrears of pension rights. Pensioners in the old scheme were subjected to untold hardship after meritorious service to the nation. The introduction of the new contributory pension scheme and investment of consolidated pension funds to generate returns accruable to pensioners as additional pension benefits have ushered in hope to hitherto hapless retirees and potential pensioners in Nigeria. The study is predicated on the agency theory as its theoretical framework. The methodology adopted primary and secondary sources of data generation. T-test is used to test the hypothesis. The article investigates the contractual relationship between the principals and agents in the pension business and to ascertain whether the agent is working to protect and serve the interest of the principal as regards to actual declaration of exact investment returns and payment of investment returns to enhance pension benefits of pensioners under the scheme. The result of the study reveals that investment of consolidated funds in the new contributory pension scheme generates additional pension benefits to retirees and the contributory workers in service. Creation of awareness about the provisions of the Act among the workforce and periodic review of the Act to reflect socioeconomic realities of the nation are recommended to make the scheme functionally meaningful to its beneficiaries.
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About the Author

Institute Of African Studies, University Of Nigeria, Nsukka.

http://www.unn.edu.ng/academics/institute/institute-of-african-studies-2/
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