CONTRIBUTORY PENSION SCHEME AND FINANCIAL WELL-BEING OF PUBLIC SECTOR RETIREES IN NORTH CENTRAL NIGERIA

This study focused on contributory pension scheme and financial well-being of public sector retirees in North Central, Nigeria. The objective of the study was to determine the effect of employee and employer contributions on long-term financial planning of retirees; examine the effect of effective pension fund administration on financial security of retirees; and ascertain the effect of pension fund custody on household welfare of retirees. The study employed the survey research design. The sample size of the study was 383 respondents. In selecting the sample for this study, a multi-stage sampling technique was adopted. The research instrument consisted of a structured questionnaire. The study used content validity to ensure the accuracy and relevance of the research instrument. To ascertain the reliability of the instrument, test-retest method was used. The study employed both descriptive and inferential statistical techniques for data analysis. Least squares regression was applied to test the formulated hypotheses. Findings revealed that employee and employer contributions have a significant effect on long-term financial planning of retirees; effective pension fund administration has a significant effect on the financial security of retirees; and pension fund custody has a significant positive effect on household welfare. The study concluded that the contributory pension scheme has a profound effect on the financial well-being of public sector retirees. Among others, the study recommended that employers and employees must recognize the long-term benefits of regular pension funding, and that government agencies and pension operators should also intensify public awareness campaigns on the importance of pension contributions in securing post-retirement financial stability.

0 23 Jun, 2026

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