AN ASSESSMENT OF THE CONTRIBUTORY PENSION SCHEME IN NIGERIA PUBLIC SERVICE

Abstract

The need to cater for the vulnerable segment of the society who by reason of old age, are not able to
function effectively, accentuated the concept of pension.This study appraise the new contributory
pensions scheme in Nigeria, to know if the problem that lead to the adoption of the contributory
pension scheme had been addressed, its achievements, short comings and arguments for its
abolishment. The study adopted the descriptive research design by using the survey method to
administer 250 questionnaires to identified sample from five selected federal government agencies.
These agencies are National Orientation Agency, the National Directorate of Employment, Nigerian
Postal Service, Federal Radio Cooperation of Nigeria and the National Lottery Regulatory Commission,
out of 250 survey instrument administered 183 was returned representing 76% of the entire
population.Data was presented through the use of frequency distribution tables and interpreted using
simple percentage and histogram curve. Findings from respondents' shows that majority of the
respondents are of the view that problem that lead to adoption of the contributory pension scheme has
been resolved. They also agreed that the contributory pension scheme has some noticeable flawsuch as
benefit adequacy, coverage compliance problem and financial sustainability of the
schemeconsequently, this study recommend that for any real transformation to happen in Nigeria's
pension industry the background/ foundation leading to the problem must be properly established and
agreed upon by every stake leading to a thresh hold of convergence