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DESIGN AND IMPLEMENTATION OF A COMPUTERISED TEACHER PENSION VERIFICATION SYSTEM

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DESIGN AND IMPLEMENTATION OF A COMPUTERISED TEACHER PENSION VERIFICATION SYSTEM

CHAPTER ONE

INTRODUCTION

The management of Pension Fund in Nigeria is as old as Nigeria itself. Pension fund was introduced by the colonial masters to provide income and security for old age British citizens working in Nigeria upon retirement as a post-retirement benefit to employees. In the view of Adesina (2006:7), Nigeria Legislative instrument on pension matters was the pension ordinance of 1951 which had retrospective effect from 1st January, 1946. In 1961 National provident from (NPF) scheme was established with the legislation to address pension matters n private organizations.

Pension is an arrangement of providing people with an income when they are no longer earning aregular income from employment. However, pensions should not be confused with severancepay; the former is paid in regular installments, while the latter is paid in one lump sum. Theterms „retirement plan‟ or „superannuation‟ refer to a pension granted upon retirement.

 

 

Retirement plans may be set up by employers, insurance companies, the government or otherinstitutions such as employer associations or trade unions. Retirement pension is referred to asretirement plans in the United States, as pension schemes in the United Kingdom and Ireland butin Nigeria, it is popularly known to as pension. Retirement pensions are typically in the form of aguaranteed life annuity, thus insuring against the risk of longevity. In general, the common use ofthe term pension is to describe the payments a person receives upon retirement, usually underpre-determined legal and/or contractual terms. A recipient of a retirement pension is known as apensioner or retiree. Pension fund is any plan, fund, or scheme which provides retirementincome.

 

STATEMENT OF THE PROBLEM

The manual method of pension fund management maintains or keeps records in a filing cabinet abouteach employee/pensioner that is registered with a Pension Fund Administrator (PFA). When anemployee decides to open an account with a PFA for the purpose of retirement savings, the former(pensioner) has to go to the physical location of the PFA to obtain and fill a registration form.

Upon returning the form, the PFA clerk opens a file for the employee where the filled form and othervital documents as required or that relate to the employee are stored. The file is then passed on to thenext PFA personnel to verify the employee‟s registration which may take some days if not weeks as thecase may be.

Using the manual method, the employee is unaware of his/her account balance except if he visits thePFA‟s office. So, in case of financial impropriety in the employee‟s account, there is no way he/she cantrack this. In the manual method, it is a bit cumbersome for the PFA to maintain an up-to-date recordof employees/pensioners. When an employee switches job or changes location probably from one stateto another, it takes time before these changes can be effected in the employee‟s record. All thesemanual processes have resulted in problems such as:

  1. Theft and fraudulent practices in the process of investing pension funds and the return oninvestments
  2. Human errors i.e. in crediting of a pensioner‟s account
  3. Wastage of materials such as paper, files and so on,
  4. Lack of adequate information flow among PFA personnels .i.e. PFA‟s are unable to givetheir customers clear information as to what their balance is and what is the estimatedamount of money they will be collecting if they retire.
  5. The stress of pensioners having to go to PFA‟s office.

A web-based pension fund management system is a system designed to manage pensionactivities both on the customers and Pension Fund Administrators (PFA) ends. The pensionmanagement activities on the part of PFAs include regular update of customers‟ information,crediting of customers‟ account if the customer is retired etc while customers‟ activities includechecking their balance online, making enquiries by sending mails, etc.

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