The Impact Of Pension Reform Act 2004 On Public Sector Retirement Benefit Administration (Case Study Of Selected Government Ministries In Abia State)

ABSTRACT

This research project investigated the Impact of Pension Reform Act 2004, with particular reference to the actual effect it has on public sector retirement benefit administration. The public and private sectors have suffered considerable neglect and necessary pension schemes required to guide govcriinient in administration of pension, as well as providing accurate and timely financial requirements/data to reflect retirement benefits, the issue is rather becoming a complex one and also a nightmare to the public sector retiring workers as to what the future holds for them. Pension administrations are seriously criticise ranging from lack of attention, late payment of pension allowances, pension crisis, fraud, inaccuracy/non-availability of records etc. these problems have caused delays in payment of pension and gratuity which has also caused the loss of lives of many pensioners. The above realities should stir our minds on the necessity for a study of the need to address these problems.

 ABSTRACT

This research project investigated the Impact of Pension Reform Act 2004, with particular reference to the actual effect it has on public sector retirement benefit administration. The public and private sectors have suffered considerable neglect and necessary pension schemes required to guide govcriinient in administration of pension, as well as providing accurate and timely financial requirements/data to reflect retirement benefits, the issue is rather becoming a complex one and also a nightmare to the public sector retiring workers as to what the future holds for them. Pension administrations are seriously criticise ranging from lack of attention, late payment of pension allowances, pension crisis, fraud, inaccuracy/non-availability of records etc. these problems have caused delays in payment of pension and gratuity which has also caused the loss of lives of many pensioners. The above realities should stir our minds on the necessity for a study of the need to address these problems.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

Title page

Declaration 11

Certification

Dedication iv

Acknowledgement V

Table Of Contents vi

List Of Tables ix

Abstract xi

Chapter One

1.0 INTRODUCTION 1-2

1.1 Statement of Problem 3

1.2 Objective of the Study 4

1.3 Scope and Limitations of the study 4-5

1.4 Research Questions 5

1.5 Statement of Hypotheses 5-6

1.6 Significance of The Study 6-7

1.7 Definition Of Terms 7-8

Chapter two

2.0 LITERATURE REVIEW 9

2.1 The meaning and nature of pension 10-11

2.2 Types of pension scheme 11-12

2.2.1 The unfunded pension scheme 12-13

2.2.2 The partially funded scheme 1 3

2.2.3 The fully funded scheme 13-15

2.3 The objectives of the pension scheme 15-16

2.4 Commencement of pension Act 2004 16

2.4.1 Establishment of the scheme 16-17

2.4.2 Objectives of pension reform act 2004 17

2.4.3 Withdrawal from retirement savings account (RSA) 17-18

2.4.4 Rate of contribution to pension reform act 2004 18-19

2.4.5 Retirement saving account (RSA) 20-21

2.4.6 Pension and gratuity where an employee dies in service 2 1

2.4.7 Tax exemption 21

2.4.8 Establishment and object of the pension commission 22

2.4.9 Retirement benefits 22

2.5 Pre-pension administration/old pension scheme 22-23

2.5.1 Pension and gratuity in extra-ministerial department, parastatals and

agencies 23-24

2.5.2 Pension and gratuity in private sector 24

2.6 Nigerian civil war-broken period 24-25

Chapter Three

3.0 RESEARCH METHODOLOGY 26

3.1 Research design 26

3.2 Area of study 26

3.3 Sources of data 26

3.4 Data collection instrument 26

3.5 design and administration of questionnaire 27

3.6 Sampling procedure and size 27

3.7 Data analysis techniques 27-29

Chapter Four

4.0 DATA PRESENTATION, ANALYSIS AND

DISCUSSION/INTERPRETATION 30

4.1 Questionnaire distribution and analysis 30-48

4.2 Testing of hypothesis 48-58

4.3 Interpretation of results 58-59

Chapter Five

5.0 Summary, Conclusion and Recommendations 60

5.1 Summary 60

5.2 Conclusion 61

5.3 Recommendations 61-62

References 63

Appendix I 63-66

Appendix 11 67