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Developing Effective Strategy For Pension Administration In The Nigerian Public Sector
[A STUDY OF PENSION COMMISSION RIVERS STATE, NIGERIA]
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1.7 SCOPE OF THE STUDY
This project work is
concerned with an effective strategy for pension administration in
Nigeria public sector. The work will be limited with pension commission
(PENCOM) and with other relevant areas such as pension scheme for civil
servants, pension governance, Nigeria Social Insurance Trust Fund,
Contributory pension scheme.
1.8 LIMITATIONS OF THE STUDY
1.
Developing effective strategy for pension administration in the Nigeria
public sector (a study of pension commission) has not been an easy task
due to inaccessibility to some relevant materials most managers of
government prostrate perceived this research work as adding their
companies thereby withholding vital information.
Consequently, some staff of the pension bodies was reluctant to discuss the subject freely.
2.
Time factor is also another problem, which affected the compilation of
this work, despite the high scheme in the school; period allocated for
the project work must be strictly worked towards.
3. The incessant bombing in the country thereby posing everybody a prime suspect also was one of the limitations.
1.9 DEFINITION OF TERM
1. PENSION: is a fixed sum paid regularly to a person, typically given retirement from service.
2. PENSION FUND: is any plan, fund or scheme which provides retirement income.
Pension
should not be confused with severance pay; the former is made in
regular installments while the later is paid in one lump sum.
3. RETIREE: is one who has retired from active working life. Retirees receive pension.
4. GRATUITY: is money given to an employee in return for service(s) at retirement.
5. LUMP SUM: is a single payment for a number of separate items, money paid in full rather than in several smaller amounts.
6. ANNUITY: is any terminating stream of fixed payments over a specified period of time.
7. PENSION ADMINISTRATION: is the management of pension funds and fairs.
8. PRE-REQUISITE: is a thing required as a condition for some other things to happen or exist.
9.
PUBLIC SECTOR: is the part of an economy concerned with providing basic
government services. These include services such as Police, Hospitals,
Schools, Military and Public transport.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACTThis 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 ... Continue reading---
