The Impact Of New Federal Government Pension Policy On Retirees In Nigeria A Case Study Of University Of Nigeria Nsukka

Abstract:

The prevalence of delay in the payment of find entitlement of public servant in Nigeria and the persistent reports of pensioners’ frustration, living in abject poverty, some died while waiting to receive their hard earned monthly pension constitute necessary and sufficient reason for undertaking the study-Many well- meaning Nigerian are disturbed about the ugly situation and wondered that are the immediate or remote causes of the necessary delay in the payment of retirees final benefits and what remedial measure should be taken. The study attempt to view the federal government pension policy or retirees in Nigeria from four dimensions, firstly, it addresses the issue of inadequate pension fund for past and present employee which is regarded as a social responsibility of the employer of the Federal Government of Nigeria. Secondly, it dealt with various form of pension plans, the efficiency and inefficiency, equity and inequity of each variant. Thirdly, it addresses accounting methods usually applied for pension fund, namely the amortization of past services cost, the treatment of actual loses and gain, and the disclosure of relevant information in reporting pension fund. Finally, an analytical framework is measured that makes it easy to analyses, in practical terms, pension problems.. A self-administered questionnaire are used to obtain information from the respondents. The number of respondents chosen from each department was obtained by first divided the population of 4800 by the sample size of 120 and the resultant 40 was used to determine number of pensions issued questionnaire in each Department. The findings of the hypothesis tested, significantly disclosed that payment of pension is the most important incentive for public servants then other motivations incentives; that most workers would retire if they are assured of getting their final entitlements shortly after retirement, that the current unfunded defined benefit pension scheme does not provide sufficient fund to settle retirees, benefits, and could be substituted with partially funded contributory defined benefits pension scheme.