Published 2025-05-13
Abstract
The dejection and helplessness of pensioners waiting to be paid
pension benefit under very frustrating verification process occasioned
by the impunity in person fund administration led to the pension Act
2004. This ushered in the contributory pension that replaced the
defined Benefit Pension with attendant review in 2014 to check
mismanagement. The objective of this paper is to examine the
contributory pension scheme, identify the inadequacies that will inhibit
the efficacy and make the necessary recommendations. In the course of
this study, it was discovered that the contributory pension scheme was
selectively implemented, absent of life span annuity and also detected
the current mode of diversion of pension assets. This paper utilized
secondary source of data such as scholarly journal articles, seminar
papers, internet materials and established circular and report. It
therefore recommended that the implementation of the scheme by
Government should be holistic and the interest and commissions
accruable to the pension fund asset should be disclosed regularly to
forestall financial misappropriation.