CHALLENGES FACED BY RETIREES IN ACCESSING PENSION FUNDS
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- NGN 5000
Abstract
This study assessed challenges faced by retirees in accessing pension fund in Nigeria: It was conducted in Abeokuta South LGA. More specifically, the study examined procedures used in processing Pension Benefits in PSPF and challenges faced by retirees when accessing pension benefits from social insurance funds. It further, assessed the impact of challenges of the social security fund to the retirees and other stakeholders. This is the case study design which used mixed method, namely, the qualitative and quantitative researches. Interview, questionnaires, non-participant observation and documentary review were employed as the instruments for the data gathering. The findings revealed there are procedures that have to be followed. Before retirement one gives notification to employer six months before receiving retirement benefits. As regard, retirement benefits, a lump sum is given once after retirement and second part of the pension is that which the employees are receiving after every month. The findings also revealed most of the complaints were the inadequacy of benefits, delays in payments, lack of update information about the schemes and the amount of individual contributions made, estimated benefits statements and incomplete contribution records. Furthermore, findings disclosed that for instance many teachers’ retirees are virtually forced to live very precarious lives and they cannot meet their basic needs due to the delays in pensions and falling in household incomes. Based on the findings, it is recommended that the Social Security Fund should regulate the relationship between the contributions made by the members to PSPF before retirement to be proportional to the benefit they receive after retirement.
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