ROLES OF PENSION AND RETIREE’S STANDARD OF LIVING

ABSTRACT

This research work examined roles of pension and retiree’s standard of living. The specific objectives were to determine the extent to which the new pension scheme has improved the welfare of the retired employee in Nigeria, to determine the relationship between pension and standard of living of retired employee, to examine the extent to which the new pension scheme can guarantee a minimum living standard for the retired civil servants in Nigeria and lastly to evaluate the extent to which the new Pension Act 2004 addressed the problem of fund diversion, corruption and inadequate budgetary allocation. In order to achieve these objectives, the study adopted quantitative research design while the population was civil servant retirees of federal institutions. The sample size was 100 selected civil servant retirees of federal institutions which will comprise of both male and female obtained using simple non probability sampling technique. Chi-square statistical tool was used as the statistical tool for testing the postulated hypotheses. Findings showed that that new pension scheme would be able to increase the standard of living of retired civil servants in Nigeria. Finally, that the new Pension Act 2004 will significantly address the problem of fund diversion, corruption and inadequate budgetary allocation. It was therefore recommended PENCOM must ensure that the administrators and custodians abide by the rules of the pension game in order to ensure their efficient and effective performance. Also The public must be regularly enlightened and adequately keep abreast of development in the pension industry by the Commission and the administrators.