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RESEARCH ARTICLE PROSPECTS, STRATEGIES AND CHALLENGES OF PENSION POLICY IMPLEMENTATION IN STATE OWNED INSTITUTIONS OF SOUTH WEST NIGERIA
Abstract
Pension has been a cross issue in Nigeria. It has been so not because the right is not recognized, but rather, its recognition has been bogged down by the absence of the financial wherewithal to actualize the right. A new contributory pension scheme was introduced through the Pension Reform Act 2004 which was repealed in 2014 to reflect and accommodates the exigencies of grail areas that were not in the previous Act. However, a number of challenges still persist. Hence, this study assessed the challenges, prospects and strategies for proper implementation of pension policy in the selected state owned tertiary institutions in South Western Nigeria. Both primary and secondary data were utilized for the study. Primary date was collected through the administration of questionnaires to purposively selected active staff totaling 644 of state owned tertiary institutions in both Lagos and Osun State of Nigeria. The data collected were analysed using descriptive method of analysis. The study revealed that, while there was regular deduction from staff salary, the employers’ contribution was not regular, and no regular remittance of pension deduction to the PFA. Also, concerning the prospect of the new pension policy include theencouragement of savings among the participants, motivation of workers to be more economical and watchful in their spending and management of their resources by making save for their livelihood during old age, guarantees retirees long term benefit after retirement, possible huge return on the investment made on behalf of the retirees and saves the time and stress that retirees used to face in the old pension scheme. The strategies to ensure proper implementation include the provision of Information and Communication Technology (ICT) Centre for providing access to regular account balances, account statements and retirement plan advisory, provision of complaint centre at every institution, and proper enforcement of the relevant sanctions of the Pension Reform Acts on defaulting employers to improve on the existing compliance by the pension commission.
Keywords: Pension, Policy, Implementation, Welfare, Tertiary Institutions.