Paper Title
Evaluating Retirement Saving Account Performance and Pension Fund Administrators Efficiency In Nigeria
Article Identifiers
Authors
Halimah Sani SAMBO , M, N. Maiturare , Ehimeme Ohioma
Keywords
Pension fund, Retirement saving Account, Fund managers & Nigeria
Abstract
Abstract The contributory pension scheme (CPS) ushered in 2004 a new generation of pension management in Nigeria. This scheme came forward with three options for the retiree to choose as to how he wants his/her pension funds to be paid according to PRA 2014. The options are lumpsum, programmed withdrawals and life annuity. However, the regulatory gradually introduced six types of funds to cater for retirees exit and ensure that funds are available at exist and as such ensuring the fund stability. The study investigated the fund i to fund vi performance and responsiveness to retiree during exit. The study used panel data analysis to retirement saving account performance and pension fund administrators efficiency in Nigeria between 2017 and 2022, obtaining panel data set for 19 PFAs. The study results showed a positive and statistically relationship at the 5% significance level between the dependent variable PFA performance measured by (ROI) and the independent variables (RSAF1, RSAF2, and RSAF4) for the period under study. While the RSAF3 was found to be positive but statistically not significant for the period under study. Furthermore, the result suggests that if the coefficient of RSAF1, RSAF2, RSAF3 and RSAF4 increased by say 1 percent, return on investment (ROI) which measures PFA performance will rise by 0.04%, 0.10%, 0.40% and 0.30% respectively. Based on the study finding on PFA performance in Nigerian, the following recommendations can be made: PFAs should increase their investment in risky assets to give them the opportunity of reaping more returns on pension contribution. It further recommends appropriate investment portfolio mix on behalf of retirees to hedge against risk of eroding the long-term funds.
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How To Cite (APA)
Halimah Sani SAMBO , M, N. Maiturare, & Ehimeme Ohioma (May-2024). Evaluating Retirement Saving Account Performance and Pension Fund Administrators Efficiency In Nigeria. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(5), h558-h568. https://ijnrd.org/papers/IJNRD2405776.pdf
Issue
Volume 9 Issue 5, May-2024
Pages : h558-h568
Other Publication Details
Paper Reg. ID: IJNRD_222539
Published Paper Id: IJNRD2405776
Downloads: 000121980
Research Area: Management
Country: Zaria , Kaduna, Nigeria
Published Paper PDF: https://ijnrd.org/papers/IJNRD2405776.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2405776
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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