Pension Schemes Research Articles

Do the New Rural Pension Scheme promote the health status of chronic patients in old age? —Evidence from CHARLS 2018 in China

BackgroundMany researchers have examined the impact of social insurance on health in elderly. However, in most cases, they have only demonstrated correlational results and have not been able to determine causal effects, possibly because confounding biases have not been fully addressed. In this study, we investigated the health effects of the New Rural Pension Scheme (NRPS) on the elderly (age≥60 years old) with chronic diseases in rural areas, and to explore the causal relationship and effects of NRPS and health status.MethodsThis paper used data from the 2018 China Health and Retirement Longitudinal Study (CHARLS) and applied Bayesian networks and fuzzy regression discontinuity design to conduct causal analysis. Bayesian networks were used to explore the causal directed acyclic graphs of factors related to NRPS and health status. Based on the results of Bayesian network, a fuzzy regression discontinuity design was employed to estimate the causal effect of NRPS on health status.ResultsAmong rural elderly with chronic diseases, Bayesian network mapping of causal relationships among NRPS, health status and covariates showed that age was a common cause of NRPS receipt and satisfaction with health. The results of the fuzzy regression discontinuity analysis showed that the effect of receiving NRPS on the health status was positive, but there was no statistically significant difference concerning the interval estimates. The results of the subgroup analysis with chronic obstructive pulmonary disease (COPD) and asthma indicated that the effect of NRPS receipt on the health status of elderly people with COPD was positive. There was a statistically significant effect of receiving NRPS on self-rated health description (β1=3.653,P=0.032\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$${\\beta }_{1}=3.653,P=0.032$$\\end{document}) and health satisfaction (β1=4.204,P=0.033\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$${\\beta }_{1}=4.204,P=0.033$$\\end{document}) in COPD population and a statistically significant effect of receiving NRPS on health satisfaction in asthma population (β1=9.844,P=0.008\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$${\\beta }_{1}=9.844,P=0.008$$\\end{document}).ConclusionThis paper has confirmed the contribution and positive causal effect of NRPS on health status in a subgroup of older adults with COPD and asthma, using the CHARLS database as evidence. Thus, Chinese government should increase the take-up rate of the NRPS to enhance their positive impact on health status of elderly people with chronic diseases in rural areas.

Optimal investment in defined contribution pension schemes with forward utility preferences

Optimal investment strategies of an individual worker during the accumulation phase in the defined contribution pension scheme have been well studied in the literature. Most of them adopted the classical backward model and approach, but any pre-specifications of retirement time, preferences, and market environment models do not often hold in such a prolonged horizon of the pension scheme. Pre-commitment to ensure the time-consistency of an optimal investment strategy derived from the backward model and approach leads the supposedly optimal strategy to be sub-optimal in the actual realizations. This paper revisits the optimal investment problem for the worker during the accumulation phase in the defined contribution pension scheme, via the forward preferences, in which an environment-adapting strategy is able to hold optimality and time-consistency together. Stochastic partial differential equation representation for the worker's forward preferences is illustrated. This paper constructs two of the forward utility preferences and solves the corresponding optimal investment strategies, in the cases of initial power and exponential utility functions.

Exploring the awareness, preparedness and the state of pension among informal workers in Ghana

The study explored the awareness, preparedness, and the state of pensions among informal workers in Ghana. The interpretive approach and the exploratory research design were used for this study. The snowball and purposive sampling techniques were adopted to select 45 informal workers in Ghana and two management members of a pension scheme in Ghana. Data gathered was transcribed, coded and analysed with the qualitative interpretative analytical framework. The study found that the majority of respondents had a partial understanding or lack of understanding of pension, SSNIT tier 1,2 and 3 pension schemes. Informal workers were identified to really have pension needs and desired to contribute towards their old age. Regarding how informal workers want to contribute towards their pension, the study found that most respondents wanted to contribute a monthly amount of GH 50–100 through either “momo” platforms or agents of pension schemes that were not part of the existing pension scheme by the Social Security and National Insurance Trust. Social Security and National Insurance Trust (SSNIT) came out as the favourite pension house among informal workers in Ghana. It was therefore recommended that managers of pension schemes in Ghana should embark on more vigorous sensitisation programmes and consider the variability of the income of informal workers in coming out with a minimum rate for contribution to pension schemes for informal workers. It is further recommended that managers of pension schemes for informal workers should provide mobile money platforms and mobile agents to visit and collect contributions so that informal workers can continue to work on their busy work schedules while contributing to pension schemes.

Re-Examine: The Power of China’s New Rural Pension Scheme

Drawing upon data from the China Family Panel Studies (CFPS) and the China Health and Retirement Longitudinal Study (CHARLS), this paper employs a Difference in Differences (DID) approach to investigate the varying impacts of the New Rural Pension Scheme (NRPS) across different regions in China. The empirical results reveal that the NRPS has generally improved the health outcomes of residents. Notably, the benefits of the NRPS are more pronounced in rural and economically advanced areas, while its effects are not statistically significant in less developed and urban regions. This analysis elucidates the underlying reasons for these regional disparities, attesting to the pension policy’s efficacy and advancing the scholarly conversation on pension policy research.

Evaluating the Implementation and Outcomes of the PMSYM Pension Scheme for Unorganized Sector Workers in India

The Pradhan Mantri Shram Yogi Maan-dhan (PMSYM) pension scheme was introduced in India with the objective of providing financial security to unorganized sector workers during their retirement years. This study aims to evaluate the implementation and outcomes of the PMSYM scheme, focusing on its effectiveness in reaching and benefiting the target population. The quantitative analysis examines the extent of coverage, enrollment rates, and demographic characteristics of PMSYM beneficiaries. It also assesses the financial sustainability and administrative efficiency of the scheme. Additionally, the study investigates the impact of PMSYM on the income security and overall well-being of unorganized sector workers by analyzing the socioeconomic status of beneficiaries before and after enrollment. The qualitative component of the research explores the experiences and perceptions of PMSYM beneficiaries, shedding light on factors influencing enrollment decisions, challenges faced in accessing the scheme, and the perceived adequacy of pension benefits. The findings of this study contribute to the ongoing discourse on social security measures in India, specifically targeting the unorganized sector. By critically evaluating the PMSYM scheme, the research aims to provide actionable insights for policymakers, suggesting improvements in the scheme’s design, outreach strategies, and overall effectiveness. Ultimately, this evaluation seeks to inform evidence-based policy decisions that enhance the well-being of unorganized sector workers and strengthen the social security landscape in India.

FINANCIAL LITERACY AND ENTREPRENEURSHIP-BUSINESS STARTUP FOR EFFECTIVE POST-RETIREMENT LIFE MANAGEMENT AMONG PRE-RETIREES IN UNIVERSITIES IN EDO STATE, NIGERIA

The role of entrepreneurship to prevent poverty and mitigate other post-retirement challenges has been acknowledged to be crucial for effective post-retirement life management but financial constraints could constitute bane to pre-retirees’ entrepreneurial intentions. Therefore, the study determined the financial knowledge that could spur their intentions and readiness for business start that could enable them surmount post-retirement life challenges. Two research questions guided the study. The descriptive survey research design was adopted and the population comprised all the pre-retirees in universities in Edo State. 250 respondents were randomly selected using the simple random sampling technique from three purposive selected universities. Primary data were gathered through the use of structured questionnaire which was validated and tested to have reliability coefficient value of 0.84. The descriptive statistics of mean and standard deviation were used to answer the research questions and test the respondents’ homogeneity. The findings revealed among others that the respondents perceived the benefits of entrepreneurship-business startup to ensure their effective post-retirement life management but intend to rely totally on their retirement savings benefits with the Contributory Pension Scheme (CPS) for business startup. Based on the findings it was recommended among others that pre-retirees should make contingency savings plan and that the employers and government should provide them financial education in order to acquaint them with relevant financial knowledge to access other forms of business financing such as loans, bank overdraft, angel investors, venture capital and government grants among others prior to final disengagement.

Sustainability of the Public Servant’s Pension Scheme in Sri Lanka

Despite the global trend towards defined-contribution pension schemes, many public service pensions continue to follow defined-benefit structures, imposing a significant fiscal burden. This paper analyses the main public sector pension scheme in Sri Lanka in a context where the population is ageing rapidly and the government faces strong fiscal constraints. The study aims to forecast the costs of the Public Servants’ pension scheme and quantitatively evaluate policy options for improving fiscal sustainability. The study extends the model of Rannan-Eliya et al. (1998) using detailed data on the number and age structure of pensioners as well as information on public sector wages, inflation, and GDP growth. The model’s output is validated using observed pension costs from 2016-2022, and projections and policy simulations are carried out for 2023-2027. The study finds that expenditure on the scheme is estimated to increase by 6% annually and 10% over the next five years in real terms. Reducing the generosity of pension payments, raising the retirement age, suspending gratuity payments temporarily, and reducing the replacement rate for new retirees result in significant reductions to the annual pension bill, although the latter two options are unlikely to be politically feasible.

Deferred Benefits and Employee Retention in Tier-One Deposit Money Banks in South-South, Nigeria

Purpose: This study examined the relationship between deferred benefits and employee retention in tier-one deposit money banks in South-South, Nigeria. The study adopted the cross-sectional research survey design.
 Materials and Methods: Primary data was generated through structured questionnaire. The population of this study was 135 employees in the regional offices of 5 tier-one deposit money banks in located in Port Harcourt from where all the activities of the banks covering Rivers, Delta, Edo, Bayelsa, Akwa Ibom and Cross Rivers are coordinated. The sample size of 101 was determined using Taro Yamane sample size determination formula. The reliability of the instrument was achieved by the use of the Cronbach Alpha coefficient with all the items scoring above 0.70. The hypotheses were tested using the Spearman’s Rank Order Correlation Coefficient. The tests were carried out at a 0.05 significance level.
 Findings: The findings revealed that there is a significant relationship between deferred benefits and employee retention in tier-one deposit money banks in South-South, Nigeria. Thus, the study conclude deferred benefits positively enhances employee retention in tier-one deposit money banks in South-South, Nigeria.
 Implications to Theory, Practice and Policy: Therefore, it was recommended that deposit money banks should develop a comprehensive deferred benefits package that includes various components such as retirement plans, pension schemes, stock options, profit-sharing, and long-term incentives. The package should be tailored to meet the needs and preferences of employees while aligning with the bank's financial capabilities.

Adequate and sustainable social security for all: responses in a new context

Introduction: Social security in old age is one of the fundamental human rights. The current global tendency in population aging forces one to search for new, innovative solutions that will ensure that future pension schemes will be tailored to the generational needs and will fulfill the conditions to ensure a decent life for the elderly.Objective: The aim of this paper is to analyze the context of current efforts to ensure adequate pension scheme levels and to summarize possible solutions of this problem.Materials and methods: The author describes the demographic situation and social security in different areas of the world, focusing on a case study and analyzing existing data from international opinions.Results: Social security reforms must take full account of how social security schemes can support people particularly at risk in poverty in their working lives. It’s essential for social security to be flexible and adaptable to current life cycle patterns and individual needs.

New rural pension scheme, intergenerational interaction and rural family human capital investments.

The new rural pension scheme (NRPS) can improve the quality of life for rural older adult individuals; however, can it have a spillover effect on rural household human capital investments through intergenerational interactions? Based on data from the China Family Panel Studies (CFPS) in 2010, 2012, 2014, 2016, and 2018 and from the perspective of intergenerational interactions, the spillover effect and influencing mechanism of the new rural insurance policy on rural household human capital investments are empirically tested. The results show that the participation of families in the new rural insurance policy can significantly promote the human capital investments of rural families, and they are robust. Moreover, the spillover effect of this new policy is significantly different due to the gender, insurance phase, and family income of the insured. Through intergenerational interactions, the new rural insurance policy has an impact on the human capital investments of rural families from the material level of intergenerational economic support, housework and childcare for children and the nonmaterial level of old-age care cognition. Therefore, continuing to promote the coverage of the new rural insurance policy and scientifically improving rural social security through publicity and education to promote benign intergenerational family interactions can improve the accumulation of human capital in rural areas.

Asset Class Selection and Financial Performance of Registered Umbrella Retirement Benefits Schemes in Kenya

Purpose: The financial performance of pension funds has deteriorated over time, threatening their main purpose of shielding retirees from old age poverty. Asset class selection is an essential component of pension management as it outlines the various investments undertaken to give a return, manage risks and maintain the liquidity of the retirement schemes. Uninformed or inappropriate selection of assets may lead to decreased performance of the pension schemes and a consequential decrease in the fund value of the pension savings. This study aimed to ascertain how asset class choice affects the financial performance of Kenyan registered Umbrella Retirement Benefits Schemes (URBS). The main goals of this study were to determine how allocating equity, fixed income, and alternative investments impacts the financial performance of registered URBS in Kenya. Three main research questions were employed in the study.
 Methodology: This research targeted thirty-two (32) registered Umbrella Retirement Benefits Schemes as of December 2022. The sampling technique in this study was a complete census because the data was available; the researcher sought to reduce errors and give an overall view of the asset allocation and how the Kenyan Umbrella Schemes performed over the five years. The study utilised secondary data which was obtained from the RBA’s website and offices for the five-year period between 2018 and 2022. A quantitative approach using descriptive and inferential analysis was employed. A multiple linear regression model was fitted on the data using SPSS version 27 and STATA version 14.2 for panel data analysis. Tables, charts, and graphs were also used to display the data.
 Findings: According to the multiple linear regression model's findings, alternative investments highly influenced the financial performance of the URBS, followed by fixed income and equity investments. Real estate contributed the highest returns in alternative investments, followed by offshore investments. For fixed income, treasury bonds and bills contributed the most considerable returns, followed by cash, bank deposits, and corporate and commercial bonds. For the equity investments, quoted equity contributed the most returns, followed by the unquoted equity. It was noted that the allocation of private equity by umbrella schemes was almost non-existent as it only began in 2022. Panel data analysis showed that all the weighted returns of the three asset classes are significant predictors of total weighted return. Weighted returns of offshore investment and property had the most significant associations with total weighted returns among all semi-variables.
 Unique Contribution to Theory, Policy and Practice: The results support increased weighting of alternative investments, particularly offshore investments, followed by fixed-income investments.

Impact of the reform adding new sickness allowance checkpoints on rehabilitation and employment

Abstract Background In 2012, new sickness allowance checkpoints after 30, 60 and 90 sickness absence days were introduced in Finland to improve earlier detection of long-term work disability and to fasten return to work after illness. We examined whether the reform affected participation in rehabilitation and employment outcomes one year after the start of sickness allowance. Methods We conducted an interrupted time series analysis among working-age persons accumulating at least 30, 60 and 90 sickness allowance days and starting their SA during a time span covering three years before the reform and two years after the reform. Poisson regression analysis controlling for seasonal variation, gender, age, and education level was used. Results After the reform, the probability of receiving rehabilitation within one year after the start of a sickness allowance period lasting at least 30 days was increased by 5.1% (IRR 1.051, 95% CI 1.015-1.086). The increase after the reform was slightly larger regarding the 60 and 90 day checkpoints. Looking at the type of rehabilitation, vocational rehabilitation from the earnings-related pension scheme increased the most. Regarding the rehabilitation provided by the Social Insurance Institution of Finland, vocational rehabilitation, medical rehabilitation, and discretionary rehabilitation increased, but only the latter increase was statistically significant. In contrast to rehabilitation, changes in employment outcomes (employment, unemployment, sickness allowance and disability pension) after the reform were negligible. Conclusions The introduction of new sickness allowance checkpoints increased participation in rehabilitation but did not affect employment outcomes one year later. The results indicate that the reform only partly succeeded in fulfilling its goals. Future policy changes should seek to find measures to help people enter the labor market after rehabilitation. Key messages • The introduction of new sickness allowance checkpoints after 30, 60 and 90 sickness absence days increased rehabilitation but did not affect employment outcomes one year later. • Future policy changes should seek to find measures to help people enter the labor market after rehabilitation.

A Study on Financial Inclusion and Investment Decision Through Atal Pension Yojana (Apy)

Atal Pension Yojana is a government backed pension scheme provided in India at unorganised sector.It was launched by prime minister Narendra Modi on 9th may2015.APY is emerging as the most popular social security scheme under the National Pension System( NPS) APY providing multiple benefits like fixed guaranteed pension, tax savings, pension to spouse on any unforeseen event and encouraging saving and investing no matter how small the amount.It is observed to be an effective financial inclusion programme which facilitates inclusive growth and social security among people from unorganised sector.

A Study On Aasara Pension Scheme Impact On Poorer Economic Development

Even 70 years of independences India still the deprived people life style not at all changed and they are still suffering with economic in-equality in the society. A lot of schemes introduced by Central / State governments to improve the situation. The Government of Telangana as a part of poverty alleviation strategy has prioritized social security programs for vulnerable sections of society to ensure that there are no deprived communities. In this context Government of Telangana introduced ‘Aasara Pension Schemes a safety net strategy for the welfare in November 2014 to safeguard several sections of the society.ln the past, social security pensions provided were meager and, barely sufficient to cover the basic minimum requirements of the needy. The idea of social security, including pensions, originates from the notion that everyone must have protection against vulnerability and deprivation but in practice, it has come to be linked to job security, whether one has a job in the formal or the informal sector. Under the Directive Principles Article 41, the State is expected to “within the limits of its economic capacity and development, make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old age, sickness and disablement and in other cases of undeserved want.

Planning and saving for retirement

In this paper, I analyse the interplay between costly planning and imperfect self-control in the context of a dynamic retirement saving problem. For an exogenous planning horizon, poor self-control leads to fewer periods with positive savings and to under-accumulation of pension wealth. Consequently, an agent characterised by poor self-control postpones planning for retirement, or does not take action at all, if the cost of planning is high enough. The agent’s level of income emerges as another determinant of the planning decision, and thus the wealth-to-income ratio can be income dependent, even with CRRA preferences. Considering a mandatory pension scheme with rigid contribution and decumulation schedules, I demonstrate how the extent of crowding out of private savings and the associated welfare effects vary with the agent’s propensity to plan actively.

Contributory Pension Scheme and Transitory Job Loss in Nigeria

Surviving the transitional period of job loss before finding a new job poses significant challenges for individuals. Therefore, this study aimed to investigate how the administration of contributory pension schemes affects transitory job loss in Nigeria. Employing an exploratory research design, this conceptual paper reviews existing literature to assess the extent of research on contributory pension schemes and transitory job loss. The study's findings revealed that individuals who lose their jobs encounter difficulties in accessing 25% of their pension contributions. These challenges arise from complex administrative procedures, non-remittance of contributions by employers, and a lack of awareness about the option to access a portion of their contributions in the Retirement Savings Account (RSA) in case of job loss. Moreover, this research indicated that contributors who experienced job loss, particularly during the COVID-19 pandemic, lacked a savings and investment culture, leading to financial hardship during the waiting period to access a part of their RSA contributions. It was concluded that contributors who undergo transitory job loss in Nigeria encounter obstacles in accessing their pension contributions. The study recommends that efforts should be made to simplify the administrative processes involved in accessing pension contributions to ensure a smoother withdrawal experience for contributors facing job loss.

Funding Deficit Pension System: Structural Reforms that Necessarily Involve Partial Privatization of Pensions in Algeria

Purpose: The objective of this work is to highlight the various reform measures to be undertaken in order to ensure the sustainability of general pension schemes, in particular those aimed at promoting the partial capitalization of pensions in Algeria.
 
 Theoretical framework: Like most countries in the world, the Algerian pension system, which is managed on a PAYG basis, is currently facing major funding problems. Indeed, despite the measures taken to reduce its financial deficit, the latter has persisted since 2013 and has been estimated at almost 2.7 billion USD at the end of 2022. In fact, if measures to lay the foundations for sustained growth, which creates jobs (with improved inclusion in social security), are taken by the government, the system could regain its balance in the short and medium term. However, the problem of population ageing, which could occur in a few decades, reminds the urgent need for structural reforms.
 
 Design/Methodology/Approach: The design of the study is descriptive and analytical. Data for this study were collected from official Algerian sources, namely the NRF and the NOS, while content analysis was conducted by interpreting these data.
 
 Findings: The results of this study show that the Algerian public authorities have taken many measures in recent years to fill the deficit in the pension system, of which the repeal at the end of 2016 of the early and unconditional age pensions with possibility of maintaining the activity until the age of 65, the establishment of the NPRF in 2006, the introduction of additional revenue from customs duties applied to goods import operations from 2020, and the introduction of the NSSF in 2021. Nevertheless, this would in no way escape the insolvency of the pension scheme, hence the need for a structural reform that targets in addition to parametric changes, the introduction of a capitalization dose complementing the current pension system (supplementary pension) for its rebalancing in the short, medium and long term.
 
 Conclusion: the availability of substantial oil revenues may downplay the importance of the financial problems facing the Algerian pension system and their impact on budget stability (according to the NRF, the fund’s deficit stood at 376 billion DZD in 2022 and could reach 1.200 billion DZD in 2030), whereas this oil boom should be used to finance the transition by adopting a partially funded pension scheme. At the same time, this would require more efforts to boost the stock market in order to create an environment conducive to the establishment and development of this funded pillar.

Impact of a Finnish reform adding new sickness absence checkpoints on rehabilitation and labor market outcomes: an interrupted time series analysis.

In 2012, new checkpoints were introduced in the Finnish sickness absence system to improve early detection of long-term work disability and hasten return to work after illness. We examined whether the reform affected participation in rehabilitation and labor market outcomes over a one-year period. We used interrupted time series analysis among persons who started receiving sickness allowance up to three years before and up to two years after the reform. Separate analyses were conducted among those who passed 30, 60, and 90 sickness allowance days. Poisson regression analysis was used, controlling for seasonal variation, gender, age, and educational level. After the reform, participation in rehabilitation within one year of passing 30 sickness allowance days increased by 5.1% [incidence rate ratio (IRR) 1.051, 95% confidence interval (CI) 1.015-1.086]. The increase after 60 and 90 sickness allowance days was slightly larger. Looking at the type of rehabilitation, vocational rehabilitation from the earnings-related pension scheme increased most. Regarding the rehabilitation provided by the Social Insurance Institution of Finland (Kela), vocational rehabilitation, medical rehabilitation, and discretionary rehabilitation increased, but the increase was statistically significant only in the last case. Post-reform changes in employment, unemployment, sickness absence and disability retirement were negligible. The introduction of new sickness absence checkpoints was associated with an increase in participation in rehabilitation but did not affect labor market outcomes one year later. The reform thus was only partially successful in achieving its objectives. Future research should focus on identifying the most effective approaches for utilizing rehabilitation to enhance labor market participation after sickness absence.

The Moderating Role of Treasury Bills and Bonds Allocations on the Relationship between Systematic Risk and Investment Portfolio Performance of Pension Schemes in Kenya

Purpose: This study investigated the moderating role of Treasury Bills and Bonds allocation on the relationship between systematic risk and investment portfolio performance of pension schemes in Kenya. Assets under management by pension schemes make up 14.6% of the GDP in Kenya, making pension schemes significant players in the financial industry and the economy. As of December 2021, the pension industry had mobilised Kshs. 1,547.43 billion in managed pension assets from Kshs. 44.7 billion in 2000, a significant annual average growth rate of 21%.
 Methodology: The study used secondary data from 1,172 registered pension schemes for seven years between 2015 and 2021. Pension scheme data was collected from the database of the Retirement Benefits Authority. Systematic risk data was collected from the databases of the Central Bank of Kenya, Nairobi Securities Exchange and Kenya National Bureau of Statistics. Panel Regression analysis, fixed effect, random effect, and Hausman test were used to analyse the relationship between the dependent and independent variables. The study applied the Whisman and Maclleland two-step model to evaluate the impact of asset allocation on the investment portfolio performance of pension schemes as moderating variables.
 Findings: The study results showed that asset allocation to Treasury Bills and Bonds did not significantly moderate the effect of systematic risk on the investment portfolio performance of pension schemes. 
 Unique Contribution to Theory, Practice and Policy: The study contributed to academia by challenging the usefulness of Modern Portfolio Theory. Policymakers should consider reviewing the limits on investment in Treasury Bills and Bonds to less than 100% to encourage diversification to more asset classes. Practitioners are recommended to invest in diverse asset classes.

Assessing the Potential Benefits and Challenges of Cocoa Agroforestry Adoption in Ghana’s Western-North Region

This study explores the potential benefits and challenges of cocoa agroforestry adoption in five Theobroma cacao-growing communities in Ghana’s Western-north region. Cocoa agroforestry is a farming practice that combines cocoa cultivation with tree planting. It is an essential approach to mitigate the effects of climate change, reduce forest loss, and alleviate poverty; however, its adoption is not widespread within Ghanaian farming communities. The study used a mixed-method approach, including a semi-structured questionnaire (n = 150), interviews, and focus group discussions to gather data. The results of the study suggest that farmers’ willingness to integrate tree species on their cocoa farms is not significantly influenced by factors such as gender, age, level of education, or land ownership. Terminalia superba, Khaya spp., and Milicia excelsa were the more common non-cocoa trees found, and farmers demonstrated good knowledge and understanding of cocoa agroforestry. The main motivation for farmers to plant trees was to build climate resilience, supplement their income, improve food security, and restore degraded lands. However, the main barriers to adopting cocoa agroforestry, as identified by farmers, were a lack of financial support, high transportation costs for seedlings, and insufficient technical support and awareness. The study recommends that farmers raise cocoa seedlings on their farms and receive incentives such as cash, inputs, and a pension scheme to encourage greater adoption of cocoa agroforestry as a REDD+ strategy at Ghana’s cocoa-growing communities.