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MANAGEMENT OF PENSION FUND IN NIGERIA CHALLENGES AND PROSPECTS

CHAPTER ONE
 INTRODUCTION
 1.1 BACKGROUND OF THE STUDY
 The management of Pension Fund in Nigeria is as old as Nigeria itself. Pension fund was introduced by the colonial masters to provide income and security for old age British citizens working in Nigeria upon retirement as a post-retirement benefit to employees. In the view of Adesina (2006:7), Nigeria Legislative instrument on pension matters was the pension ordinance of 1951 which had retrospective effect from 1st January, 1946. In 1961 National provident from (NPF) scheme was established with the legislation to address pension matters n private organizations. Eighteen years later Pension Fund Act No. 102 with Armed Forces Pension Act No. 103 came up the same year in 1979. In 1987 police and other Government Agencies Pension was enacted under Pension Act No. 75. The Local Government Pension edict followed suit in 1987. By 1993 the National Social Insurance Trust Fund (NSITF) was established by degree No. 73 to replace the defunct NPF. In 1994 employees in private sector were equally accommodated by the scheme for lost of employment income at old age, invalidity or death. Due to poor funding, inadequate budget allocation huge arrears of outstanding pensions, improper regulation and supervision, management of pension fund in Nigeria decided to put a new Pension Reform Act in 2004. Though prior to the reform according to Balogun (2006:18), public organization operated a defined benefit (pay-as-you-go) scheme final entitlement were based on length of service and terminal emoluments. The defined benefit (DB) scheme were funded by Pension Department of the office of the Head of Service of the Federation. The Pension Reform Act 2004 is the most recent legislation of the Federal Government at reforming the pension fund system for both private and public sectors. Atedo N.A. (2006:9) sees, "The Act" as a compulsory Contributory Pension Scheme (CPS); has been established for all categories of workers in the Federal Capital Territory Federal Public Service and in the private sector. The Pension Fund Scheme became a challenge to the government as it could no longer cope with payments of pensions and gratuities to retiring work force. This is apparently due to the fact that there was no plan put in place to forestall the challenges of poor funding caused by inadequate budgetary allocation. The administration and management of pension fund was also generally characterized by weak regulatory framework inefficient and non transparent (Nkanga, 2005:16). Meanwhile, according to Ahmed M. (2006:2), Board of trustees of parastatal were free to decide on whether to maintain an insured scheme or self administered arrangement. Moreover, prospect has been achieved in the area of amount contributed, investment of the fund and use of biometric to gather accurate data and reduce fraud. Based on the foregoing the researcher intend to study management of pension fund in Nigeria, challenges prospects. 1.2 STATEMENT OF THE PROBLEM The idea of management of pension fund in Nigeria was designed to carter for the welfare of the pensionable retired workers. This had for long gained global recognition and acceptance. Workers whether in public or private sectors are expected to leave comfortable life devoid of any form of dependency after retirement from active services. The management of pension fund in Nigeria have continued to pose a serious challenge to both government and private sector organizations in Nigeria, among these problems and challenges one. -Non availability or improper records/data storage in the system. -Improper investment of pension fund and inadequate funding of the scheme. -In competent and inexperience with lack of trained pension staff which has resulted in uncoordinated administration. -Weak regulatory framework, inefficient and non transparent system. -Perpetual frauds/irregularities without appropriate sanction on the perpetrators, -Inability of the regulatory and supervisory agencies to monitor pension fund schemes. -Inability to determine appropriate investment portfolio especially in this period of economic melt down. It is against this challenges and problem that the researcher wishes to carry out a research work on

Project detailsContents
 
Number of Pages48 pages
Chapter one Introduction
Chapter two Literature review
Chapter three  methodology
Chapter  four  Data analysis
Chapter  five Summary,discussion & recommendations
ReferenceReference
QuestionnaireQuestionnaire
AppendixAppendix
Chapter summary1 to 5 chapters
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