TOWARDS PENSIONS REFORM AGENDA IN NIGERIA

Odia, J.O.

Department of Accounting

University of Benin, Benin City, Nigeria

E-mail: odiajames@yahoo.com

ABSTRACT

The history of the Nigerian Pensions administration dates back to the 1950s.The Pension Reforms Act of 2004 brought into limelight the new pension scheme in Nigeria which is a defined contributory scheme unlike the old scheme which was largely defined benefits. Although the new scheme is adjudged to be better than the old scheme in that it is  expected to help remedy the deficiencies and inadequacies prevalent in the old scheme, it is advocated that only proper coordination, supervision and regulation of the pension industry in Nigeria will make the new pension scheme to fulfill its objective.

Key words: Pension, pension scheme, retirement benefits, pension fund administrators