IIARD International Institute of Academic Research and Development

IIARD INTERNATIONAL JOURNAL OF BANKING AND FINANCE RESEARCH (IJBFR )

E-ISSN 2695-1886
P-ISSN 2672-4979
VOL. 10 NO. 6 2024
DOI: 10.56201/ijbfr.v10.no6.2024.pg65.82

---

Contributory Pension Scheme Second Decade in Nigeria and Expected Reforms for 2024 Amendments

NWANNA, Ifeanyi Onyenwe (Ph.D)

---

Abstract

The most useful old-age benefit in social security is life pension. Pension is a retirement plan that provides regular income in retirement. Pension is an old age security payment system that provides retirement benefits to pensioners. It is a compulsory saving scheme for all employed workers in any economy. The paper had reviewed the enactments, amendments and operations of the Contributory Pension Scheme (CPS) in the last twenty years. Judging from the outcomes, the necessary modifications required in the expected amended Act in 2024,.the paper strongly recommend a Pension Scheme that ensures secure income with inflation linked adjustments. . Reforms are necessary in any good applicable pension scheme to ensure their acceptance with economic trends, strategic positioning and conformity with expectation of all subscribers.

keywords:

Contributory Pension Scheme, Pension Fund Administrators, Pension Fund

---

References:

Adadu, Y., Ibrahim, S. (2019). The Performance of National Pension Commission in Relation
tothe Management of Retiree’s Pension Funds at the Industrial Training Fund (ITF).
International Journal of Research and Innovation in Social Science (IJRISS) Volume III,
Issue IX, 401–410

Adaralegbe T. (2024). “Housing Crisis in Nigeria” Seminar/Exhibition Paper by T. Pumpy
Concept Limited. Abuja, Nigeria

Ahmad M.K (2008) “Contributory pension scheme as instrument for liability controls for the
states: issues and prospects” Seminar Presentation by Director General National Pension
Commission Abuja

Allianz Group (2021), “Global Pension Report 2020: Ready or not,” . A study conducted by
Allianz Group, Germany’ integrated financial services provider.

Amusan, L., Ajibola, K. S. (2019). Adoption of contributory pension scheme and its influence
on employees’ commitment among Nigerian Civil Servants. African Journal of Public
Affairs, 10(4), 231–242.
Anyim, F. C., Olusanya, O. A., Okere, R. C. (2014). A critique of pension reform act, 2004 in
Nigeria. Journal of Arts and Humanities (JAH), 12(2), 78–84.
Asaju, A and Ogunleye M.(2005) Housing Sector in the Private/Public
Partnership' in FADARE. W, et al (Eds) Globalization, Culture and the
Nigerian Built Environment; Vol.12; Proceedings of a National
Conference of the Faculty of Environmental Design and Management,
Obafemi Awolowo University. Ile-Ife, p,116-121

Chizueze, I. N., Nwosu, U. A., Agba, O. A. (2011). Contributory pension scheme,
workers commitment, retention and attitude towards retirement in the
Nigerian Civil Service. Global Journal of Management and Business
Research, 11(4), 51–67.

Chukwuemeka, E. O., Okechukwue, R. O., Onwuchekwa, F. (2019). The
Floating Bridge: Praxis and Prospects of the Contributory Pension Scheme in
Nigeria. International Journal of Academic Multidisciplinary Research, 3(2),
49–65.

Cosmas, O. O., Okeke, C. (2016). The contributory pension scheme and the
financial system development in Nigeria. Innovative Marketing, 12(2), 16–
22
Diamond, D W.(1984) Financial intermediation and delegated monitoring . The Review of
Economic Studies, Vol. 51, Issue 3. Pp 393-414

Ekwunife, F. C., Egunlusi, F. B., Chikwe, G. C. (2019). Contributory pension
scheme and academic staff commitment In private tertiary institutions In
South-East, Nigeria. International Journal of Academic Research in
Progressive Education and Development, 8(2), 349–360.

Kalu, C. U., Nicholas, A. (2015). Impact of Contributory Pension Scheme on
Workers’ Savings and Investment in Nigeria: Anambra State Case Study.
IOSR Journal of Economics and Finance, 6(2), 9–20.

Ikeji, C. C. Nwosu, U. W., Ogaboh, A. M. (2011). Contributory pension scheme,
workers commitment, retention and attitude towards retirement in the
Nigerian civil service. Global Journal of Management and Business
Research, 11(1), 51–60.

Ivor Takor (2022) “Is the exemption of HOS, Federal Permanent Secretaries from CPS legal” In
Pension Matters, Centre for Pension Right Advocacy, September 5, 2022

Kotun, A. I, Adeoye, A. O., Alaka, N. S. (2016). Effects of contributory pension scheme on
employees’ productivity: Evidence from Lagos state government. African Journal of
Business Management, 10(16), 384–396.

Lachman, J. (2013). Pension: It’s Impact on the World Economy. International Journal of
Business and Commerce, 3(2), 14–25.

National Industrial Court (NIC). (2022) Pension Reform Act, Court ruling; Suit No.
NICN/KD/06/2019, Ijoma Paulinus (the claimant) ,Union Bank of Nigeria Plc, the
National Pension Commission and Premium Pension Limited (the defendants)

Nwanna, I.O and Ogbonna, K. S. (2019) “Pension Reform Act 2014 and the Provision of
Infrastructures for Sustainable Development in Nigeria” EPRA International Journal of
Research and Development. Vol-4 and Issue-7, July 2019 Paper Index DPI 201906-02-
003389 www.eprajournals.com

Nwanna, I.O and Ogbonna, S.K. (2019) “Evolution of Pension Management in Nigeria and its
Importance to the Economy” IOSR Journal of Humanities and Social Sciences (IOSR-
JHSS) , VOL. 24 Issue. 5 Ser.1(May 2019) Pp 28-38 DOI: 10.9790/0837- 2405012838
www.iosrjornals.org

OECD, (2014). Pension at a Glance 2014. Available at www.oecd.org.

Okechukwu, E. U., Nebo, G., Eze, J. (2016). Strategic Management of

Pension Scheme in Selected Private Manufacturing Organizations in
South
Eastern Nigeria. European Scientific Journal, 12(34), 338–357.

Oluyeju, S. O. (2017). Pension Funds’ Assets Investment in Nigeria: A Case
for Change in Regulation to Promote Stock Market Development.
Unpublished Master Thesis of University of Pretoria.

Sajuyigbe, A.S., Eniola, A.A., Ayeni, A., And Sanusi B, M. (2021).
Moderating effect of employees’ retention on the influence of
contributory pension scheme on employees attitude. Organizational
Psychology, 2021, Vol. 11, No. 3, P. 62–77.www.orgpsyjournal.hse.ru

Umoren, F. (2006) The Role of FMBN in the new Social Housing Scheme; A
paper presented at a seminar organized for stakeholders in the National
Social Housing Scheme held in Uyo, Akwa lbom State in July

DOWNLOAD PDF

---

Back