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This research work is on the topic, “The Management of Pension Scheme in Nigeria (Problems and Prospects). The work is divided into five chapters; chapter one deals with the introduction, statement of the problems, objectives of study, significance of the study, research questions, scope and limitations and definition of terms. Chapter two covers literature review, historical development and so on. Chapter three covers research methodology which includes sources of data, population of study, instruments used and validity of data, population of study, instruments used and validity of the instruments. Chapter four deals with the summary of findings and discussion of findings. Chapter five deals with the conclusion and the recommendation after going through the whole research work.





Many Nigerians today hardly understand what pension scheme is all about. Though some employers have established occupational pension scheme while other have not a predicated the value of pension scheme. Those that have not appreciated the value of pension scheme should be encourage ed to do so immediately while the efforts of the  progressive employers that provide adequately for the needy should be emulated. While introducing this subject matter of this project, it is necessary that a brief definition of pension be given. Pension is defined as a series of regular payments by an employer or the government to former employee who has reached his normal working life. This pension payment is due when an employee attains the age of 65 years for all government establishment or at the point of disability or death.

According to the law of diminishing return, a stage is reached when the employees output is below the employers input on him. At such a stage it becomes absolutely necessary for the employee to stop working as his efforts are more or less being wasted from the employers point of view. Such an employee security is provided during retirement since there is pension scheme arrangement. Apart from basic importance of providing pension, there are others and they include the purpose of pension scheme which make individual have a sense of belonging, strengthens, and create foundation for industrial peace. Thus, any pension scheme which provides for periodic payment to retired employees with the facility of extending the benefits to eligible survivors of usually acceptable to workers. Now that the policy of setting up pension scheme in any part of the country whether private administered (trust) or insured scheme has been established, the problems which the researcher wants to work on is the management of pension scheme in Nigeria. The problems encountered by retired civil servants because of the use of term in funding method, the effect of inflation in pension fund and many other problems have been taken care by the pension reform Act 2004.


The following are problems formulated for the study of the research work.

Failure of the public to understand the potentials of the contribution of pension scheme towards economic security.

Unawareness of the existence of contributory pension scheme in private sectors establishment.

Poor knowledge of the public on how pension scheme are managed.


The objective of this research work includes:

To examine the workability of the management of pension scheme in Nigeria.

To evaluate how pension scheme has helped to reduce the level of economic insecurity at old age.

To explain how pension scheme works and different types of retirement benefit schemes approved by pension reforms Act 2004.

To ascertain the pension scheme contributions towards economic growth and development of the country.


This study will be of benefits to the following:

This study will be useful for students academic purpose and it will serve as a database for students academic carrying and future research in the related topic in future.


The study will be of immense relevant to pension managers, administrators and customers of pension fund.


The study will educate and as well serve as a means of creating more awareness on the importance/benefit of pension scheme.


This study will provide some useful information to researchers and will give the basis for validating or disapproving the findings of the research work.


The study will offer the pension management the ways and means through which inflation can be efficiently tackled.


Does pension scheme help to reduce the level of economic hardship in the country?

Are there any benefits of effective and efficient pension scheme management in Nigeria?

Are general public very much aware of pension scheme arrangement and how it work?

Are there any problem facing effective management of pension scheme in Nigeria?


The scope of this research work is restricted to some selected pension managers, the state government pension board in Enugu, retires and industrial and general insurance company plc.


The following and factors that limited the study of this research work.

Finance: Due to inadequate funding, the researcher could not extend to other states within the country.

Time: The time allowed for this researcher was rather too short when combined with the academic works of the institute.

Statistical Data: Data were insufficient for proper research and access was not allowed to the available data as and when needed.

Previous Research: Another factor that limited this study was dealt of previous research work on the related topic.


Administrators: This is a person whose job is to manage and organize the public or business affairs of company or an institution.

Contribution: This is an act of both the employees and employers contributing a certain percentage to the pension fund.

Employer: He is a person who owns or employers or has authority over a given employment exercise.

Employees: They are individuals employed in a given organization for the performance of a specified duty.

Insurance: Insurance is a safeguard, against any risk or unfortunate benefit or compensation to beneficiary of the insured that experience loss of life or damage to properties.

Mangers: This is a person who is in charge of running a business, or shop/stores or a similar organization or part of it.

Management: This is the act of running and controlling a business of similar organization.

Pension: This is an arrangement of series of regular payment provided by government of former employer for a person who has come to the end of his normal working life, in order words an income during retirement.

Retirement: Mean cessation of service after an officer has served for about 65 years.

Trustee: One person or group of persons who take charge of a property called trust property for the benefit of person called the beneficiaries.


National Assemble, (2004) Pension Reform Act 2004, Abuja Printing Press.


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