PENSION RECORD IN NIGERIA PAST, PRESENT AND THE FUTURE. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
This study is on Pension record in Nigeria the past, present and the future. The total population for the study is 200 staff of Nigeria pension commission. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up Pension Support Center Officers, Pension Service Officers, Legal Officers and Internal Audit Officers was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1 Background of the study
The purpose of occupational pension scheme is to provide employees regular and stable income after their retirement from service. It is an arrangement an employer or a group of employers use(s) to provide pension (and sometimes other) benefits for their employees when they leave or retire. They also provide benefits to the employee’s dependant if the employee dies. This scheme is usually funded by contributions from just the employer, or from both the employer and the employee. A good pension scheme does not only serve as an incentive to employees but helps to attract and retain experienced staff. The first pension legislation in Nigeria was enacted in 1951 by the British colonial administration, referred to as the Pension Ordinance, with retrospective effect from 1st January, 1946. The pension which was initially designed for colonial officers who were moved from post to post in the vast British Empire was to ensure their continuity of service wherever and whenever they were deployed to serve the colonial administration. When the law eventually became applicable to Nigerians, the application was at the discretion of the Governor – General. Pension was therefore not a right for Nigerians under the Ordinance. To redress this, a new Pensions Act was enacted in 1979 referred to as the Pensions Act No. 102 of 1979; retroactively effective from 1st April, 1974. The Act consolidated all enactments on pensions and incorporated pensions and gratuity scales designed for public officers by the Udoji Public Service Review Commission in 1974. It also became the basic pension law from which other pensions laws in Nigeria emerged. These laws include:
• Armed Forces Pensions Act No. 103 of 1979. The Act consolidated all enactments dealing with pension benefits and gratuity scales for the Armed Forces.
• Pension Rights of Judges Decree No. 5 of 1985.
• Amendment Acts Nos. 51 of 1988; 29 of 1991; and 62 of 1991.
• The New Pension Reform Act 2004 (Federal Republic of Nigeria Official Gazette No. 60 Lagos – 30th June 2004 Vol.91)