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Management of Pension Schemes in Nigerian Public Service

Management of Pension Schemes in Nigerian Public Service

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Reference ID: PS-13966-TM

DEDICATION

This research material titled “Management of Pension Schemes in Nigerian Public Service” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Business Administration and Management (BAM), Book Authors and Profound Scholars of existing or related project material on “Management of Pension Schemes in Nigerian Public Service” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”

    ABSTRACT

    This research studied Management of Pension Schemes in Nigerian Public Service using the Department of Pensions/Establishment Enugu State Public Service, as a case study. The need for the study rose from the poor performance of the schemes which have resulted to a number of problems such as the unwillingness of old workers to relinquish office for the younger generation due to poor pension plans, bribery and corruption in the public service, mismanagement of fund, low moral in work etc.

    The researcher identified a number of problems, investigated on their origin, sought the advise of experts and came up with a number of recommendation on the lapse found out during the research.

    Due to the vast nature of pensions management in the Nigeria, the researcher narrowed the study to the Department of Pension/Establishment, Enugu State Public Service due to certain limitations Background and need for the study, statement of problems, research problems were discussed in chapter one. All terms and definitions were also defined in chapter one; chapter two reviewed all literature related to the study. Chapter three dealt with conclusion, data presentation, data analysis and also recommendation. It is hoped that a lot of good will come to the management of pension schemes in Nigeria.


    Management of Pension Schemes in Nigerian Public Service

    CHAPTER ONE


    Introduction

    1.1 General Background To The Subject Matter

    The work that one does gives status to the person. It also gives a meaning to life and feeling of contribution to general welfare. Work also permits a person to be active, energetic and to have constructive social interaction with others. Inspite of the face that work brings fulfillment, one must retire from active service for one cannot deny the fact that as workers grow older, they make many adjustments and tend to develop gradually into a social group that is separate from the younger worker. Increasing physical and mental limitation associated with advancing age, make it difficult for such people to work safely and competently thereby maintaining previous levels of performance. At the stage of retirement, the worker’s output reaches diminishing returns. It becomes necessary for the worker to stop working if his employer wants to minimize loss although not everyone would welcome the idea of retirement even with a generous pension.

    Retirement as defined by J. A Donnelly et al (1992 : 326), is the changes in job situation whereby the individual gives up his job when diminishing returns set in. Eze (2001 : 15) explained retirement as the stage where the employer is dissatisfied by the job performance of the employee.

    The German Chancellor, Otto Von Bismarck in the 1880’s started the concept of retirement. His public pension plan supported a retirement age of sixty-five years. Insurance companies began to use that retirement age in planning retirement and annuity programmes. Though the retirement age vary in countries and organizations, Nigeria operates one of the most generous pension schemes in the world. After ten years of service, an employee qualifies for pension. An employee could then retire and enjoy the rest of his active life. Result of Nigerian pension scheme is that the public service is seen as being more lucrative in terms of a persons work life.

    At the period of retirement, it is important that the future life of the worker be considered by planning for his welfare. This means to pay a consideration that will help the worker to go on with life. Several reasons have been given for the need for such compensation. Prominent among the reasons is to provide economic security for the employee at retirement. Secondly, it guarantees the willingness of the younger generation to work and also see the organization as a good place to work in.

    The compensation paid to the worker at retirement is known as pension. It is a contractual payment between the employer and the employee.

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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