Research Article

Assessing the Impact of Pension Reform on Retirement Financing in Nigeria: A Study of Fund I to IV

Halimah Sani Sambo1*, Yusuf Abdulrahim Otori2, Ahmed Yabagi2
1 Ahmadu Bello University Zaria
2 Ahmadu Bello University, Zaria, Nigeria
* Corresponding author: halimahssambo247@gmail.com
Published: Apr, 2024
Pages: 22-28

Abstract

The pension reform Act 2004 marked a significant shift in the administration of Pension Fund Administrators (PFAs) in Nigeria. To improve the adequacy of retirement benefits, the Act was amended in 2014, increasing the minimum contribution rates to 18%. This study investigates the impact of this amendment on retirement financing using a panel data analysis of Fund I to IV from 2014 to 2022. The results show that the variables do not have a long-term equilibrium relationship, but a fixed effects model reveals a positive and statistically significant relationship between the independent variables and the dependent variable. The study recommends strengthening the regulatory framework and enhancing transparency and accountability to ensure a well-regulated pension system. The findings of this study have important implications for policymakers and stakeholders seeking to improve retirement financing in Nigeria

Keywords

retirement financing pension fund administrators retirement benefits

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How to Cite

Sambo, H. S., Otori, Y. A., & Yabagi, A. (2024). Assessing the Impact of Pension Reform on Retirement Financing in Nigeria: A Study of Fund I to IV. Nigerian Actuarial Journal, 1(1), 22-28.

H. S. Sambo, Y. A. Otori, and A. Yabagi, "Assessing the Impact of Pension Reform on Retirement Financing in Nigeria: A Study of Fund I to IV," Nigerian Actuarial Journal, vol. 1, no. 1, pp. 22-28, April 2024.

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