AN EVALUATION OF PENSION FUND ADMINISTRATION IN NIGERIA (A COMPARATIVE ANALYSIS OF PREMIUM PENSION LTD & SIGMA PENSION FUND LTD)

ABSTRACT

The research work evaluates pension fund administration in Nigeria “a comparative analysis of Premium Pension Ltd and Sigma Pension Ltd as a case study. Key problems facing pension scheme in Nigeria was identified with an overview of the scheme. Primary data were generated from direct observation and interviews granted. Secondary data on the other hand were obtained from official publications, national dailies, documentations and internet materials. The analyses confirm that regular upward reviews of pensions and gratuities in the country without appropriate strategies for financing the scheme has become a major problem, which calls for immediate solution in other to alleviate the suffering and hardship of retirees in the country.   The research work recommends that the Nigerian government should encourage the option of having the banks where the salary accounts of employees are domiciled to make pension deductions on monthly basis and have it remitted to the concerned body (PFAs),the need for public enlightenment on the merit of the new contributory pension scheme, the 2004 Pension Reform Act should make provision for Nigerians in Diaspora who may want to contribute to the retirement saving scheme and the government should punish those who steal pensioners funds to serve as deterrent to others.  The research conclude that a well organized structure that will ensure prompt payment of retirees and pensioners is highly desirable and this must be vigorously pursued by the government.