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Nigeria's pension system has undergone significant transformations since its inception in 1951. Initially plagued with malpractices, budgetary issues, weak administration, and a lack of accountability, the system has evolved into a defined contribution scheme for both public and private sector employers and employees. In 2004, the Federal Government enacted the Pension Reform Act 2004 (“PRA 2004”), instituting the Defined Contributory Pension Scheme (“CPS”) and establishing the National Pension Commission (the “Commission”) as the regulatory authority. Additionally, stakeholders such as Pension Fund Administrators (“PFA”) and Pension Fund Custodians (“PFC”) were set up to enhance the transparency and efficiency of pension fund management, with specific functions ascribed to both PFAs and PFCs, thereby alleviating the hardship of retirees and bolstering confidence in the system. To improve the performance of pension administration, the Pension Reform Act of 2014 (“PRA 2014”) was enacted. Despite these advancements, pensioners are faced with numerous challenges, which most lead to untimely death. This sets the objective of this study to examine the challenges of pension administration in Nigeria. The study is desk research. Data are obtained from secondary sources and analysed using content analysis. after examining perspectives in literature and theoretical discourse, the study concludes that emerging concerns affecting pension administration in Nigeria must be addressed. It recommends, among other things, the need for public enlightening on the pension policy and procedures, institutional review, training, and retraining of public servants, and always monitoring the implementation framework of PENCOM in Nigeria.
Duke et al. (Wed,) studied this question.