- Background to the Study
The subject of pensions has increasingly become a very emotive issue all over the world. The increased public interest in pension matters has been stimulated not only by the forces of globalization but also by domestic socio-economic factor. In his regard, one think of the pressure of everyday living characterized by contently increasing cost of living and the disintegration of the social safety net, which African families and communities had traditionally provided for their members, especially children and the aged.
The first pension legislation in this country was enacted in 1951 which was referred to as the pension ordinance the pension did not make automatic under if was guilty of negligence at regard method exclusive power of the colonial government. The pension decree no. 102 of 1979 was enacted with enacted with a commandment date of first April, 1974. The pension Decree No loz of 1979 was the basic law under which the public service operated until the reforms of 2004. In the old dispensation, the government was the major contributor to pension. However following budget deficitwhichengendered delay in payment and sometime nonpayment of pension. There was a call for concern as national security was been threatened by aggrieved pensioners who were inclined to public protests and demonstration. The situation necessities a charge in the entire retirement industry in our country aimed toward better performance here in Nigeria, the plight of public sector retire have been variously described as the “dehumanization of pension who in other cline are referred to as sector citizens” e.t.cthere is no gain saying the fact that both federal and state government are groaning under the heavy burden of paying the retirement benefit of the Pensioners.
Despite all these pension Act, enactment and amendment towards making pension funds effective and efficient, the challenges and prospect of managing this important fund in the public service remains inhabited. The fact remains that while some of these problems are yet to be identified, solution to the already identified one are still far-fetching. This and other issues in the management of pension funds in the public service make this research work worthwhile.
This new pension reform Act- of 2004 help in minimizing the problem associated with retirement in the public service and the only way which state can put an endto the issue of underfunding is to adopt federal policy of the new reforms act of 2004.
1.2 Statement of the Problem
In the public service gratuities been remain unpaid for years in kogi state pension board, for example, pensioner are always asked to report at the state head quarter (Lokoja) to prove they are still alive end to receive their pension that are sometime applied up to give five years in arrears only on the arrival to be disappointed and frustrated by directives to go and come back some other time.
In the process some ofthesepensioners end up losing their lives. This no doubt is a threat to national security.
Following the above observation, the researcher become interested in finding out what might likely be responsible for this ugly situation and suggest possible ways of arresting the problems militating against the effective and efficient management of pension funds in the public service there and most peculiar problem that slowed down the effective and efficient management of pension funds in Kogi state have been identified by this researcher this includes.
- Inadequate of fund in one of the major challenges and prospect affecting the management of pension funds.
- Another problem that is facing the management of pension funds is corrupt attitude of official of pension board which has effect as pension funds management.
- Finally improper planning or poor policy implementation is another area of problem which affect the management of pension funds.
- Does lack of fund create a major challenge and prospect affecting management of pension funds?
- How corrupt attitude of official of pension create effect on pension funds management?
1.4Objectives of the Study
The following are the objective of the research:
- To determine the problem associated with pension funds management.
- To determine the poor policy implementation that affects the management of pension funds.
1.5 Statement of Hypotheses
HO: lack of fund is not a major challenge and prospect affecting the
HO: lack of funds is a major challenges and prospect affecting the management ofpension funds.
HO: corrupt attitude of officials of pension has no effect on pension funds management.
HI: corrupt attitude of official of pension board has effect and pension management.
HO: poor policy implementation does not affect the management of pension funds.
HI: Poor policy implementations affect the management funds.
1.6Significance of the Study
This research work will contribute or be of help in the following ways.
- To expose the problems facing the management of pension funds in the public service.
- It will be useful to Kogi state pension board in particular and the country in general, through setting up a verification excessive every month in all state pension board especially in Kogi state, and to set out an investigators, the pension funds thieves who usually draw up thousands of fact names, which were put an pay roll and paid pension and gratuity at the end of every month.
- It will serve as reference to stand and after the researcher by adding to the existing integrator an related matter.
1.7Scope and Limitations of the Study
The study covers the management of pension funds in the public service with special reference to Kogi state pension board. It unveils the- challenges and prospect of managing pension funds in the public service and suggest the possible solutions.
The study is limited to only Kogi state pension board and is not extended to other ministries because of time limit. Financeand to case the control of questionnaires.
This project has been framed to review all relevant concepts relating to challenges and prospect of managing pension funds in the public service especially in Kogi state and how it can come about.
There is hardly any human activity that does not experience constraint as reveled by (pended 1999) in his concept of security, the researcher was constrained by the available time to carry out this research.
Another major limitation is the holding back of some vital information by the pension board which they claim is for internal use and inadequate data and ideals collected of some needed information in Kogi state pension board. A lot of protocol need to be followed which served as clog in the wheel of. progress of the project.
Inadequate finance and the partof the researcher to carry out the research work is also a constraint to this study. She experienced high cost of transportation arid cost of photocopying various which limited the sample size and the geographical area covers by this researcher in this academic pursuit.
Finally, lack of easy access to research material such as nest books, journal, paper
Written at symposium and workshop constitute major constrain in the course of carrying out this research work.
1.8 Definition of key Terms
There are same technical jargons used in this project, some of these teamsand concept need to be defined with a view of facilitating understanding
Pension: Is a regular payment to those who have retired from when due to age, ill-health and the spent of service paid by the state or employer”.
Pension funds: Are amount of money pay aside by corporations, nonprofit organization, or union to cover part of the financial needs of members when they retire.
Retirement:Is the time an employee reaches the end of his working life to qualify for a state pension”
1.9 Organization of Work
This project work is organized and divided into three chapters; Chapter one include introduction which comprises of background to the study, statement of the problems, objective of the study, statement of the hypotheses,significance of the study, scope and limitation of the study, definition of key terms, organization of work and end of chapter references.
Chapter two review the related literature, an overview of the study, the concept of pension types of pension funds, importance of pension funds and benefits, challenges and prospect of managing pension funds in the public service, lack of funds, lack of qualified person problem and ghost pensioners, falsification Of records inconsistency in policy, problem of computation and of chapter reference.
Chapter three talk about research method which comprises of instruction Analysis.
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