The Impact of Pension Fund Accounting on Retirees' Financial Security in Nigeria: A Case Study of PENCOM
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Background of the Study
Pension fund accounting plays a pivotal role in ensuring retirees' financial security by accurately tracking contributions, investments, and disbursements. In Nigeria, the Pension Reform Act of 2014 established the National Pension Commission (PENCOM) to oversee the administration of pension funds and ensure their sustainability. PENCOM’s efforts have led to the establishment of a contributory pension scheme aimed at reducing retirees’ dependence on government funds (Adebayo & Yusuf, 2024).
Despite these developments, concerns about transparency, mismanagement, and delayed pension payments persist, affecting retirees' financial well-being. Pension fund accounting provides the framework for addressing these issues by ensuring the accurate recording and reporting of funds, thus enhancing retirees' trust in the system. This study examines how pension fund accounting practices impact financial security for retirees in Nigeria, focusing on PENCOM’s regulatory framework.
Statement of the Problem
Retirees in Nigeria face significant challenges in accessing their pension benefits due to delays, inadequate fund management, and lack of transparency. While PENCOM has established guidelines for pension fund administration, lapses in accounting practices contribute to retirees’ financial insecurity.
This study evaluates the impact of pension fund accounting on retirees' financial security, addressing gaps in transparency and fund management within PENCOM's operations (Eze & Adeyemi, 2023).
Objectives of the Study
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To examine the role of pension fund accounting in enhancing retirees' financial security.
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To analyze the challenges faced by PENCOM in implementing effective pension fund accounting practices.
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To assess the relationship between pension fund accounting and retirees' trust in the pension system.
Research Questions
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How does pension fund accounting enhance retirees' financial security in Nigeria?
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What challenges does PENCOM face in implementing effective pension fund accounting?
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How does pension fund accounting influence retirees' trust in the pension system?
Research Hypotheses
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Pension fund accounting significantly enhances retirees' financial security in Nigeria.
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Challenges in implementing pension fund accounting reduce its effectiveness.
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Pension fund accounting positively influences retirees' trust in the pension system.
Scope and Limitations of the Study
The study focuses on PENCOM’s pension fund accounting practices from 2015 to 2025, analyzing their impact on retirees’ financial security. Limitations include restricted access to proprietary financial data and retirees’ subjective perceptions of financial security.
Definition of Terms
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Pension Fund Accounting: The process of managing and reporting financial transactions related to pension funds.
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PENCOM: National Pension Commission, the regulatory body overseeing pension funds in Nigeria.
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Financial Security: The ability of retirees to meet financial needs without undue hardship.
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