Browsing by Author "Adesoji Emmanuel ADERET"

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    IMPLEMENTATION OF PENSION REFORM ACT OF 2004 IN SELECTED FEDERAL UNIVERSITIES IN SOUTHWESTERN NIGERIA
    (2017) Adesoji Emmanuel ADERET
    The study analysed the strategies put in place for the implementation of Pension Reform Act 2004 in Federal Universities in Southwestern Nigeria and examined institutional facilities and resources provided for the implementation of the Pension Reform Act 2004 in Federal Universities in Southwestern Nigeria. It also assessed the extent of the implementation of the Pension Reform Act 2004 and analyzed the challenges facing the implementation of the Pension Reform Act 2004 in Nigeria. These were with a view to evaluating the overall success of the Pension Reform Act 2004. Primary and secondary data were used for the study. Primary data were gathered through questionnaire administration and conduct of structured interviews schedule. The study population (14,468) consists of both junior and senior staff members of four purposively selected Federal Universities in southwestern Nigeria. These are University of Ibadan (UI); University of Lagos (UNILAG); Obafemi Awolowo University (OAU), Ile-Ife; and Federal University of Technology, Akure (FUTA). The raison d'être for choosing the four universities depended on - age, generation institutional scope; and the four universities have implemented PRA, 2004. From the population, 724 copies of questionnaire, covering 5% of the study population, were administered on respondents using a multi-stage sampling technique. Interviews were conducted with seven purposively selected individuals comprising two executives staff of the retirees unions in the study areas; Director, Research and Corporate Affairs Department in PenCom, Abuja; and four Managing Directors of Assets and Resource Management (ARM); Stanbic IBTC Pension Limited, First Guaranty Pension Limited and Crusader Sterling Pension Limited whose views were considered germane to this study. Secondary data were extracted from PenCom annual reports, government publications and official documents of the selected institutions. Data collected were analyzed using percentage, frequency distribution, content analysis and chi-square. The study revealed that monetary penalties were imposed on many organisations for continued violation of the provisions of the PRA 2004. The Commission conducted on-site and off-site inspection on 271 organisations during the period under review. Report showed that many organisations were also publicly censured. On the institutional facilities and resources available for the implementation of PRA 2004, the study showed that there were among others the Compliance and Enforcement Department, which were mandated to implement various strategies to ensure compliance with the provisions of the PRA 2004. The study further revealed that implementation of the Provisions of PRA 2004 by PenCom should be scored high (77.7%), that all staff had been receiving alerts on their retirement Savings Account regularly (66.2%). The study showed significant different opinion on whether Implementation of the provisions of PRA 2004 by PENCOM should be scored high (𝜒² (4) = 467.272, P<0.05).The study revealed that the balance in the statement of RSA is the true reflections of my contributions and that of my employer (71.3%) and Workers are not carried along in the formulation of Present Contributory Pension Scheme (CPS) (65%) were the challenges facing the implementation of pension reform Act 2004. The study concluded that the implementation of Pension Reform Act 2004, achieved a relative degree of success albeit with some few challenges