EFFECTIVENESS OF RETIREMENT SCHEMES IN PUBLIC SECTORS IN NIGERIA (A STUDY OF SOUTHWEST)

Abstract

The introduction of the retirement schemes in Nigeria was done to ameliorate the processes of pension payments through various pension administrators, while several studies have assessed some of the issues of pension payments in Nigeria, where there have been delayed or unpaid pensions. This study checked the effectiveness of the retirement schemes in Nigerian public sectors, adopting a mixed method; quantitative and qualitative research design, with samples drawn from the six south-western states in Nigeria. It was found that Pension payments failed to meaningfully reduce financial stress for most retirees; also, most retirees believe the old DBS was more effective than the current CPS among other notable findings.