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DEVELOPING EFFECTIVE STRATEGY FOR PENSION ADMINISTRATION IN THE NIGERIAN PUBLIC SECTOR

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Description

DEVELOPING EFFECTIVE STRATEGY FOR PENSION ADMINISTRATION IN THE NIGERIAN PUBLIC SECTOR  A STUDY OF PENSION COMMISSION RIVERS STATE, NIGERIA)

 

ABSTRACT

 

This research work is designed to develop effective strategy for pension

administration in the Nigeria public sector, using pension commission as

a study. The research work reveals how some retirees are forced to

continue to work throughout their life, not out of choice but for lack of

means of sustenance at old age. The sources of data collection for this

work are primary and secondary sources, the researcher in this process of

data collection for the research regarded the questionnaire to serve as the

most important instrument used in the research, and the data gathered

from questionnaire are analyzed by simple percentage, the chi-square

techniques was employed to test the hypothesis and interpret the

information for better understanding. The findings reveal that, a non-

effective and efficient strategy of pension administration can be likened

to poor pension administration and budgeted income to pensioners is not

implemented as at when due. The implication were that, committees

should be set up to audit the performance of pension boards and other

pension bodies and responsibility should be assigned to the right people

who must have access to the right information concerning retires and

also retirees should not solely depend on pension after retirement,

alternate plans should be made from day one of the start of one’s

working years, this could include setting aside a percentage of one’s

salary in anticipation of retirement.