Pension Management And Administration A Review Of The Pension Reform Act

On the passage of the revision reform act of 2004 by the national assembly and the signing into the law by the president Olusegun Obasanjo on July 14th 2004, the researcher developed interest in the pension reform act and delved into the detail of the pension management and administration act to address this issues the work is divided into five chapters.
The first chapter introduce the background to the study the problems of the study which was basically lack of funding for the old pension arrangement irregular payment of pension absence of a regulatory body to supervise pension matters the non contributory scheme existing previously lack of portability from one employment to another a total of six hypothesis (three each of null and alternate hypothesis) were formulated.
Chapter two reviewed the related literature in the research area by tracing the history of pension administration and management in Nigeria.
Types of pension funds, comparisons of the old scheme and the new scheme, modalities for appointing pension funds custodians, administrator and the benefits of the new scheme to pensioners.
Chapter three sets the research design and methodology to used fir the research area for the study, population for the study, the calculation of the sample size and sampling techniques. A sample size of 44 was calculated from a population of so. The chi square techniques were used in the data analysis and decision. Data collected from respondents were presented and analysis in the chapter four and the testing of hypothesis.
Chapter five is the summary of the finding of the researcher from the hypothesis tested the findings are as following.
1. The new pension scheme would ease the pension burden for employer of labour and in both the private and public sector
2. The new pension scheme would provide the necessary funding for the long-term industrial growth and development in Nigeria
3. The new scheme would not offset previous liabilities accrued in the past
In conclusion if the new scheme is effectively managed there would be influx of long-term fund into the capital market for capital development the research recommends the following.
1. An adequate computerization of the activities of pension fund managers and training of staff to that effect
2. Public enlightenment on the new scheme and its benefits
3. Employment of labour should ensure stability of staff employment and emoluments