An Evaluation Of The Nigerian Pension Scheme With Special Reference To Military Pension Plan

📄 Project Abstract

In recent years, the plight of pensioners, especially former military personnel, has dominated the headlines, prompting the authority in Nigeria to undertake a reform of the country's pension system. The aim of this research work is therefore, to evaluate the causes of the failure of the defined benefit pension scheme in Nigeria and to recommend measures that will ensure the success of the newly introduced defined contribution pension scheme. To achieve these objectives the research reviewed literature on pension, underscoring the merits of pension reforms commonly associated with a switch from a defined-benefit (DB) to a defined contribution (DC) pension system. We also used data from a cross section of 360 both former and serving staffs of the Nigerian military service to gauge the extent of their satisfaction with the DB scheme. Using F-tests obtained from the one-way analysis of variance, hypotheses were tested. The main results emanating form the study can be grouped into a couple...