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The New Contributory Pension Scheme and the Investment of Pension Fund for Improved Benefits

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  • Dr. Abel Ehizojie Oigbochie

    (Veritas University Bwari, Abuja)

  • Obera Victoria Ahonya

    (School of Management Studies Office Technology and Management Department, Kogi State Polytechnic)

  • Sr. Dr. Paschal Mba Nchedo

    (Veritas University Bwari, Abuja)

Abstract

The study examined the new contributory pension scheme and the investment of pension fund for improved benefits. Descriptive statistics was used in analyzing the responses elicited through questionnaire, from the sampled population. Data gathered from in-depth interview were analyzed qualitatively in other to test the hypothesis. It was found that the investment of pension funds has not led to fair returns in retirees Retirement savings accounts (RSA) balance. The study suggests diversification of the portfolio and modes of investment of pension funds by the PFAs to include greater emphasis on the real estate and infrastructures, a part from government secured bonds. It is also suggested that Pen Com as the regulator should ensure adequate supervision of the activities of the PFAs so they can declare fair returns.

Suggested Citation

  • Dr. Abel Ehizojie Oigbochie & Obera Victoria Ahonya & Sr. Dr. Paschal Mba Nchedo, 2023. "The New Contributory Pension Scheme and the Investment of Pension Fund for Improved Benefits," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(8), pages 642-649, August.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:8:p:642-649
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    References listed on IDEAS

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    1. Bonaventure Chigozie Uzoh & S.C. Anekwe, 2018. "The Contributory Pension Scheme and the Fate of Retired and Retiring Nigerian Workers," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(3), pages 527-541, March.
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