The Performance of National Pension Commission in Relation to the Management of Retiree’s Pension Funds at the Industrial Training Fund (ITF)
- October 4, 2019
- Posted by: RSIS
- Categories: IJRISS, Political Science
International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue IX, September 2019 | ISSN 2454–6186
Amina Bala Salah, Assoc. Prof. Yahaya Adadu, Prof. Shaibu Ibrahim
Department of Political Science, Nasarawa State University Keffi, Nigeria
Abstract: – This study examines the Performance of National Pension Commission in Relation to the management of Retiree’s Pension Funds at the Industrial Training Fund (ITF). Survey and analysis of existing data research design was used to generate primary and secondary data respectively. Primary data was collected through the instrument of questionnaire and interview while, the secondary data was collected from textbooks, journals, magazines, periodicals, internet, etc. The study adopted Pension Productivity Theory propounded by Dorsey, Cornwell and Macpherson in 1998. The theory recognizes pension coverage as endogenous and it simultaneously estimates the channels through which pension incentives raise productivity. Findings from the study reveals that, Pension Fund Administrators under supervision of National Pension Commission have over the years of their operation remitted pension funds to the ITF Staff’ Retirement Saving Account. But that of the accumulated arrears are yet to be remitted to the individual RSA accounts. The Pension Fund Administrators in line with National Pension Commission (PenCom) directives have provided the ITF employees with various investment alternative opportunities to choose from. This has provided the platform for employees to decide which Pension Fund Administrators (PFAs) they wish to commit their pension funds into. The new pension scheme under supervision of PenCom has eliminated delay in disbursement of pension benefit to ITF Retirees as well eradicated corruption in the disbursement of pension benefit to ITF retirees. The study therefore recommends among other issues that government, through the instrument of PenCom, Pension Fund Administrators and other stakeholders should as a matter of necessity institute a committee to remit all the outstanding debt of pension arrears owed to ITF Staff and should be credited into their RSA.
Keywords: Pension, Pension Reform, Pension Reform act 2004, PenCom and Perfomance.
