Abstract:
The research work evaluates pension fund administration in Nigeria “a comparative
analysis of Premium Pension Ltd and Sigma Pension Ltd as a case study. Key problems facing
pension scheme in Nigeria was identified with an overview of the scheme. Primary data were
generated from direct observation and interviews granted. Secondary data on the other hand were
obtained from official publications, national dailies, documentations and internet materials. The
analyses confirm that regular upward reviews of pensions and gratuities in the country without
appropriate strategies for financing the scheme has become a major problem, which calls for
immediate solution in other to alleviate the suffering and hardship of retirees in the country.
The research work recommends that the Nigerian government should encourage the
option of having the banks where the salary accounts of employees are domiciled to make
pension deductions on monthly basis and have it remitted to the concerned body (PFAs),the need
for public enlightenment on the merit of the new contributory pension scheme, the 2004 Pension
Reform Act should make provision for Nigerians in Diaspora who may want to contribute to the
retirement saving scheme and the government should punish those who steal pensioners funds to
serve as deterrent to others.
The research conclude that a well organized structure that will ensure prompt payment of
retirees and pensioners is highly desirable and this must be vigorously pursued by the
government.
