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CONTRIBUTORY PENSION SCHEME AND ITS IMPACT ON RETIREES IN SELECTED PUBLIC ORGANIZATIONS IN NIGERIA
ABSTRACT
The contributory pension scheme was introduced to resolve pension issues such as
delay in monthly pension payment, and incapacity of some retirees to cater for
their needs, both occurring as a result of the failures of the old pension scheme.
However, having been implemented for 10 years (2004 – 2014), by the Pensions
commission, the study tends to ascertain whether any delay still exist in pension
payments, and whether the pool of saving as suggested by the contributory pension
scheme is able to provide the needed livelihood for retirees, This study evaluates
the contributory pension scheme to find out if the scheme has resolved the delay
associated with monthly pension payment and if what retirees receive as pension
are sufficient for them to cater for their needs. In doing so, we used a survey
research design, wherein we randomly sampled the opinions of retired
beneficiaries of the pension scheme from 2008-2014, from Seven Federal
Establishments in Nigeria. The opinions of these sampled beneficiaries were
collected using a questionnaire and interview. Therefore, the study finds that delay
to pension payment still occurs at the time when retirees retired, and that such
delay is caused by the manual approval process required to get access to retirement
benefit. Also, it was found that, the pool of savings as suggested by the
Contributory Pension Scheme has not been able to cater for the livelihood of many
retirees in the public establishments in Nigeria. Hence we recommend that the
Pension Commission should automate (software) the approval process which
would greatly speed up the approval process and eliminate administrative bottlenecks resulting from multiple paper movements and points of actions (number of
desks and/or offices that participate in the approval process).And the stakeholders
should review the contributions to increase the volume of pension benefits to
enable retirees take care of their basic needs at retirement.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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