INTRODUCTION
BACKGROUND OF THE STUDY
Retirement constitute as the process which separates an employee from a job role. Ogunsola A.O (1984). The reason for the separation may be due to old age or on the attainment of the specified period of employment stipulated by law. Many countries have systems to provide pensions on retirement. The right to pension is considered legal in many societies. The legal retirement age varies from 55 and 70 years from one country to another. The Encyclopedia Britannica proffers a definition for pension as a periodic monetary payments made to a person who legally retires from employment. The payment of the pension continue within the period the recipient remains alive after which it seizes when he or she dies. Ozor (2006) defines pension as a lump sum payment made to an individual upon his disengagement from formal employment. This payment is made on monthly installments. There are different types of pension schemes such as the contributory or non contributory pension schemes. The study seeks to proffer an appraisal on
Building sustainable pension scheme for the private sector in Nigeria; challenges and prospect.
1.2 STATEMENT OF THE PROBLEM
There has been agitation on the adequacy and suitability of the pension scheme in Nigeria. Policy directive on the contributory pension scheme has received critism from many sectors of the economy. The challenges encountered ranges from Limited investment opportunities, inadequate coverage; Mismanagement of funds and associated Risk management. The problem confronting the study is to proffer an appraisal on Building sustainable pension scheme for the private sector in Nigeria; challenges and prospect.
1.3 OBJECTIVE OF THE STUDY
The Main Objective of the study is an appraisal on Building sustainable pension scheme for the private sector in Nigeria; challenges and prospect; The specific objectives include
1 To determine the relevance of pension scheme.
2 To determine the strategy for Building sustainable pension scheme for the private sector in Nigeria.
3 To determine the challenges and prospect of Building a sustainable pension scheme for the private sector in Nigeria;
1.4 RESEARCH QUESTIONS
1 What is the relevance of pension scheme?
2 What is the strategy for Building sustainable pension scheme for the private sector in Nigeria?
3 What is the challenges and prospect of Building a sustainable pension scheme for the private sector in Nigeria?
1.5 STATEMENT OF THE HYPOTHESIS
The statement of the hypothesis for the study is stated in Null as follows
HO The challenges of Building a sustainable pension scheme for the private sector in Nigeria is high.
Ho The prospect of Building a sustainable pension scheme for the private sector in Nigeria is low.
1.6 SIGNIFICANCE OF THE STUDY;
The study proffers and appraisal on Building sustainable pension scheme for the private sector in Nigeria; challenges and prospect . It provides relevant data for the effective formulation and implementation of policies to enhance the realization of envisaged objective.
1.7 SCOPE OF THE STUDY
The study proffers an appraisal of Building sustainable pension scheme for the private sector in Nigeria; challenges and prospect.
1.8 LIMITATION OF THE STUDY
The study was confronted with logistics and geographical factors.
1.9 DEFINITION OF TERMS
PENSION DEFINED
Pension as a lump sum payment made to an individual upon his disengagement from formal employment. This payment is made on monthly installments.
RETIRMENT DEFINED
Retirement constitute as the process which separates an employee from a job role. Ogunsola A.O (1984). The reason for the separation may be due to old age or on the attainment of the specified period of employment stipulated by law.
