PENSION FUND ADMINISTRATORS AND FINANCIAL TRANSPARENCY OF RETIREMENT SAVINGS FUNDS IN NIGERIA

Abstract

This study examined the ‘‘Pension Fund Administrators and Financial Transparency of Retirement Savings Funds in Nigeria: A Study of Selected Pension Funds Administrators in Anambra State. These objectives guided the study to examine whether the introduction of PFAs has a significant effect on the reduction of corruption in the management of pension funds in Nigeria, to determine the considerable level of financial transparency in the administration of retirement savings funds by Pension Funds Administrators in Nigeria and to examine if the Contributory Pension Scheme enables easy access to Pension Saving Funds to the retirees in Nigeria. The researcher adopted the survey research design. The study used Activity Theory as its theoretical framework. And a questionnaire was structured as the instrument for data collection. The research questions were solved using simple percentages, while Z-tests statistical tool to test the hypotheses. This study significantly revealed a level of financial transparency in the administration of retirement savings funds by pension funds administrators in Nigeria. Contributory Pension Scheme enabled easy access to pension savings funds to retirees in Nigeria. Lastly, the introduction of PFAs has a significant effect on reducing corruption in the management of pension funds in Nigeria. We recommend among other things, on the part of the regulator, there is need to address issues like non-remittances of pension contributions by the corporation, the problems that cause non-payment of pension and gratuities to older citizens should also be solved, the regulator (National Pension Commission) should enforce the relevant sanctions of the Pension Reform Acts on defaulting employers to improve on the existing compliance and finally, the government of Nigeria should punish those who steal pensioner’s funds to serve as a deterrent to others.