Evaluation Of Pension Fund Accounting In A Public Sector Organization (A Study Of National Root Crops Research Institute, Umudike):-Anyanwu Madona C

ABSTRACT

The main aim of this research is to find out the problem restricting against the effective and efficient running of pension fund in the public sector and also to enhance the effectiveness of the National pension commission towards their jobs in recent years. The fact that some factors were restrictions to the administration of the old pension fund such as unfunded aspect of the scheme, has led the Nigeria government to experience accumulated pension liabilities. Pension fund has to be properly accounted for and for this purpose proper books or record of account have to be kept by governments, pension fund Administrators, Pension Asset Custodians, Employers, and the pension desk officers. The population of this research constitute of 490 staff of the National Root Crop Research Institute. From this population a sample size of 142 was ascertain from Account unit, Administration Unit, , Pension unit, payroll unit using the Yaro Yamcn formulae The data for this research were collected through primary source of data. The primary data collected through questionnaire which were distributed to staffs of the institute were analyzed using Anova. Based on tested hypothesis it was found out that the old pension scheme is significantly different from the new pension scheme, the workers prefer the new pension scheme more than the old pension scheme due to its simplicity of computation, method of Administration etc. This project therefore recommends that all hands should be on deck by all concerned in the accounting documentation of pension fund to make it easy going and to help alleviate poverty after retirement by pensioners.