Abstract
The study assessed the pension reform policy in Kaduna and Niger states public service. Research design adopted for the study is descriptive-survey method which was used to carry out the study. The total population figure was estimated at about 170,000 including the 30 pension administrators/custodians. The sample-size for the study was 1700 representing 0.01% of the entire population. The sample-size was randomly selected to give each respondent a fair chance of being selected with purposive sampling technique. A structured questionnaire was used in data collection. The descriptive and inferential statistics such as mean scores, tables and content analysis were used. The mean range starts from 3 points and above. The research results lead to the clarity about the current contributory pension scheme in the public service for effective pension administration. Based on the results of findings of the study it was recommended that the banks and private financial institutions involved in Pension Fund Administration (PFA) should show ways to facilitate transparency and prudent accountability by publishing the rate of return, regular statements of contribution and interest for the various contributors to keep them abreast with their contributions.
Highlights
The workers will be encouraged to take an active part in the management of their retirement benefits and will have up to date information on the pension fund
The findings showed that there was a lack of uniformity of the retirement benefits system in the Nigerian public service
Considering the findings to the challenges and business opportunities for pension Fund Administrators and custodians under the Pension Reform Act 2004, Nigeria will benefit as it frees the government of the struggle hold by pension liabilities thereby making funds available for other social, economic activities
Summary
A pension is a promise of an employer which he grants to his employee after retirement. On the other hand is a lump sum of payment usually granted immediately upon the retirement of the officer. The first pension legislation in this country was enacted in 1951 referred to as the Pension Ordinance. The ordinance was promulgated in 1951, it had a retrospective effect from 1st January 1946. Governments all over the world are designing programmes such as pension reform policy currently going on in Nigeria to improve the pension administration. The plight of public civil servants for example, teachers, lecturers, retired military men, railway workers, nurses is sad about the assessments of the management of public pension scheme. Most employees neither have any meaningful retirement benefits nor earn enough during their working life to cater for their retirement. The Pay As You Go defined benefit scheme in the public sector is burdened with many problems and has increasingly become unsustainable [13]
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