Pension Fund Management And Welfare Of Retirees In Selected Management Development Institutes (Mdis) In Nigeria.
Journal Title: International Journal of Humanities and Social Science Invention - Year 2018, Vol 7, Issue 11
Abstract
The issue of welfare of retirees is of grave concern to the government of any country and it is believed that this is dependent on the efficient management of their retirement benefits by their Pension Fund Managers. In Nigeria, before the inception of the Contributory Pension Scheme, the Defined Benefit (NonContributory) Pension Scheme was in operation but it was beset with a lot of problems such as irregular/nonpayment of pensions and gratuity, mismanagement of pension funds, lack of regulatory and supervisory agency, no accountability, no transparency and large scale corruption. Thus retirees suffered untold hardship which led to the enactment of the Pension Reform Act,2004, now 2014 which brought on board the Contributory Pension Scheme. Thus in terms of Pension Management in Nigeria, there are two categories of managers, the Pension Fund Administrators for retirees under the Contributory Pension Scheme and the Pension Transitional Arrangement Directorate (PTAD) for retirees under the Defined Benefit (Non-Contributory)Pension Scheme, with PENCOM as the regulatory body. All this was done with the aim of enhancing the welfare of retirees by reducing old age poverty which is also the global objective of such reforms. This study examined the living condition of retirees and how accountable, transparent and accessible these Pension Fund Managers are and how this has impacted on the welfare of retirees. The study adopted the qualitative method of investigating phenomenon, The stratified sampling technique was used to categorise retirees into the Contributory and NonContributory Pension Schemes while the simple random sampling technique was used to select participants for the study. Ten focus group discussion sessions were held and the discussants were five in number of both sexes. The qualitative data was analysed using the QSR Nvivo software. The results from the qualitative data revealed that the Pension Fund Managers in both the Contributory and Non-Contributory Pension schemes were not accountable, accessible and transparent enough. It also revealed that the living condition of retirees was affected by the irregular and delay in payment of their lumpsum and pension. Thus, the welfare of retirees have not been enhanced with the resultant effect of retirees establishing alternative means of livelihood to make ends meet. The study therefore recommends that government should take a critical look at the issue of welfare of retirees inorder to come up with policies that will enhance their welfare. Secondly, that retirees benefits be enhanced and paid promptly. All these will enable them meet their basic needs and responsibilities.
Authors and Affiliations
Akhiojemi B. O, Ifeanacho M. I. , Abu O
Keywords
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