An Assessment of the Role of Pension Fund Management on Retirees' Financial Stability in Bauchi State
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Background of the Study
Pension fund management plays a crucial role in securing the financial stability of retirees, ensuring they have sufficient resources to maintain their standard of living after they leave active service. In Nigeria, the Pension Reform Act of 2014 introduced a mandatory Contributory Pension Scheme, which requires both employers and employees to contribute to pension funds during the course of employment (Oluwaseun & Olufunmilayo, 2023). This reform was designed to improve the financial security of retirees by ensuring they have access to adequate funds upon retirement.
Bauchi State, like many other regions in Nigeria, faces challenges related to the effective management of pension funds. Many retirees experience difficulties due to inadequate pension planning, poor management of funds, and inflationary pressures that erode their purchasing power. The role of pension fund management in ensuring that retirees are financially stable, especially in Bauchi State, has not been thoroughly evaluated in the academic literature. This study aims to assess the role of pension fund management in determining the financial stability of retirees in the state, specifically focusing on how well pension funds are managed and the impact on retirees' post-retirement lives (Mohammed & Garba, 2024).
Statement of the Problem
While the Contributory Pension Scheme was designed to improve the financial well-being of retirees, there are concerns about the effectiveness of pension fund management in Bauchi State. Many retirees still struggle to access their pension funds or experience delays in payments. Additionally, the rise in living costs and inflation exacerbates the financial difficulties faced by retirees. There is limited empirical evidence on the extent to which pension fund management contributes to the financial stability of retirees in Bauchi State.
This study seeks to address the gap by investigating the role of pension fund management in ensuring the financial stability of retirees in Bauchi State.
Objectives of the Study
1. To evaluate the effectiveness of pension fund management in ensuring the financial stability of retirees in Bauchi State.
2. To assess the impact of pension fund management on retirees' access to adequate post-retirement income in Bauchi State.
3. To examine the challenges faced by retirees in accessing their pension funds and how these challenges affect their financial stability.
Research Questions
1. How effective is pension fund management in ensuring the financial stability of retirees in Bauchi State?
2. What impact does pension fund management have on retirees’ access to adequate post-retirement income in Bauchi State?
3. What challenges do retirees face in accessing their pension funds, and how do these challenges affect their financial stability?
Research Hypotheses
1. Pension fund management has a significant impact on the financial stability of retirees in Bauchi State.
2. The management of pension funds significantly affects retirees’ access to adequate post-retirement income.
3. There is a significant relationship between challenges faced in accessing pension funds and retirees' financial stability in Bauchi State.
Scope and Limitations of the Study
This study will focus on retirees in Bauchi State and the role of pension fund management in their financial stability. It will explore data from pension managers, retirees, and relevant government agencies from 2023 to 2025. A limitation of the study is that it may not fully capture all the intricacies of pension fund management practices in the state, as some retirees may not report all challenges faced.
Definitions of Terms
• Pension Fund Management: The administration and management of funds collected for retirement purposes, ensuring the proper allocation and disbursement of funds to retirees.
• Financial Stability: The ability of retirees to maintain their standard of living and meet their financial obligations after retirement.
• Contributory Pension Scheme: A pension plan where both the employer and employee contribute a percentage of the employee’s salary to a pension fund.
• Retirement Income: The money a retiree receives from a pension fund after leaving active employment.
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