Appraisal Of Pension Fund Accounting In Nigeria Public Sector: A Contemporary Approach (A Study Of Selected Ministries In Abia State)

ABSTRACT

This research work focuses mainly to find out the challenges militating against the effective and efficient running of pension in he selected ministries in Abia State, on the other hand, it wi/I enhance the effectiveness of the National Pension Commission and Federal Pension Board towards their jobs. The fact that some factors hindered the administration of the old pension fund scheme such as unfounded aspect of the scheme that made Nigerian government to have accumulated much pension liabilities. There challenges made the federal government of Nigeria to embark upon new pension reform which was signed into law on 20th June, 2004. For the existing pensioners who were not under the new pension reform, the federal government introduced the new c-payment scheme. Therefore, Nigeria stands to benefits from the new pension scheme as it addresses the pension liability by stemming its further growth. This research work revenues that there is no significant difference between old and new pension scheme, and that the new pension scheme and its accounting method does not have any effect on the pensioner's wellbeing. Therefore, government at different levels with the help of National Pension (NPC) must ensure the adherence to the provisions of the pension reform Act 2004.