SAVING FOR RETIREMENT DAYS: A CURE OR CURSE? A STUDY OF UNIVERSAL BASIC EDUCATION BOARD RETIREES, AKWA IBOM STATE, NIGERIA

Abstract

The study is an examination of pension administration as a correlate for retirees’ wellbeing with focus on retirees of Akwa Ibom State Universal Basic Education board. In this study wellbeing is measured using the OECD standard indicators of health, housing and material conditions. Related literature were reviewed and the social exchange theory was used as the theoretical framework. The study adopted the descriptive survey research design and the purposive and snowball sampling technique. Data was collected from 203 respondents through the use of questionnaire and determined via the Taro Yamane while the simple percentage was used as a method of data analysis. Findings from the study revealed that poor pension administration has a negative impact on the wellbeing of retirees and a majority of the retired primary school teachers have poor wellbeing, a situation they slipped into post-retirement. The material condition of life of retirees is equally deplorable as pension income never comes at the proper time and as such consumption pattern in most retirees’ households have been affected adversely. The study recommends that there should be an adjustment to the pension scheme in terms of its implementation, administration and coordination to ensure early disbursement of funds to retirees Government should encourage a stakeholder engagement forum perhaps quarterly. The existing pension laws should be strengthened and strong disciplinary measures put in place to ensure that those who are involved in looting pension funds face the law.