Pension Regulations and the Socio-Economic Wellbeing of Retirees in Nigeria

The increment of production output has been put forward as one of the main purposes of retirement world over. Nevertheless, how much this purpose is achieved has been questioned as workers and retirees have always complained of how the pension system has not been living up to their expectation which downs on their motivation to work productively. This has led many studies into the pension system and its relationship with the retirees, yet none have considered the place of the pension regulations in the socioeconomic wellbeing of the retirees. This study has therefore evaluated the role of pension regulators in preparing retirees for retirement; investigated the effect of pension regulations on the social status of retirees; investigated the impact of pension regulations on the economic life of retirees; and explored factors that promote the socio-economic wellbeing of retirees. The study was anchored on the social contract theory using primary data collected from federal workers, analysed with the use of percentage and mean score. The study found that the pension regulation does not have positive impact on the socioeconomic wellbeing of the retirees. This is so because, the regulators have not been living up to their responsibilities of educating the employees on the new pension system, attending to petitions of RSA holders and investigating impropriety by the PFAs and PFCs. The study therefore recommends a general scrutiny of the pension regulatory system and more.