ABSTRACT

This research project investigated the Impact of Pension Reform Act 2004 with particular reference to the actual effect it has on public sector retirement benefit administration. Since independence, pension administration in public and private sectors has suffered considerable neglect and necessary pension schemes required to guide government in administration of pension as well as providing accurate and timely financial requirement/data to reflect retirement benefits. This has naturally resulted to serious problem and considerable criticism ranging from lack of attention, late payment of pension allowances, 5ension crisis, fraud, inaccuracies/non availability of records and funds. These problems and delays in payment of gratuity and pensions have been linked to record keeping and lack of funds which has caused the loss of lives of many pensioners and government property. The above realities should stir our minds on the necessity for a study of the need to address these problems. Well — structured questionnaire were used to collect data from respondents. The methodology adopted was simple descriptive analysis, the ordinary least square (OLS) regression and logistic regression model. Data were collected primarily and secondarily using questionnaire, personal interview and pension reform act 2004. The data collected were analyzed and applied in testing the hypothesis. Hypothesis 1 and 2 were tested using the regression model. Based on the overall research findings, it was concluded that there is need to enhance public sector retirement benefits.