APPRAISAL OF THE RETIREE’S SATISFACTION ON THE PERFORMANCE OF CONTRIBUTORY PENSION SCHEME OF THE UNIVERSITY OF MAIDUGURI

Abstract

The indispensability of pension as a social and economic security
globally and in Nigeria specifically has attracted the attention of
policy makers and academicians alike. The surest way for most
workers who have retired from active service to solve their financial
other problems in Nigeria is through their pension package. It is
however, observed that, the pension are usually unreachable to them
as at when due because of the manner in which government and
other employers handle pension issues. The study therefore,
appraised the satisfaction of the retirees on the contributing pension
scheme of the University of Maiduguri. The study found high level of
satisfaction among retirees. Furthermore, the study revealed that
financial mismanagement and embezzlement, improper information
dissemination on pension reform act is not an additional financial
burden on law income earners and not a factor that affect the
implementation of the pension reform act (PRA). The study conclude
that there is high level of satisfaction with the pension fund
administrator (PFA) by the retirees and has improved the living
condition of the retirees. The study therefore recommends among
others that, the annuity withdrawal should not only benefit the
pension fund administrators, government should check this by
removing the clause that such withdrawal should not significantly
affect the deposits of the retirees when they die earlier.