AN ASSESSMENT OF EFFECTIVE MANAGEMENT OF CONTRIBUTORY PENSION SCHEME IN NIGERIA (A CASE STUDY OF CONTRIBUTORY PENSION SCHEME JIGAWA STATE)

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ABSTRACT

This research work reviews the impact of the contributory pension scheme in the Nigerian economy. The study employed the survey approach, while the linear regression statistical tools were used to test the research hypotheses, thus, it was revealed the contributory pension scheme has become impeccable tool for economic development of Nigeria. Also we found a significant relationship between the contributory pension scheme and investment in domestic quoted equity. In addition, it was established that the direct investment in domestic quoted equity have low impact on the economy due to strict measure or restriction put in place by the regulator (Pencom) to safeguard the erosion of owners fund. Based on these findings we recommended that Pension fund should be efficiently managed by the PFAs and transparent to create confidence in the scheme that shall result in economic development.

 




TABLE OF CONTENTS

CHAPTER ONE

1.1 Background of the study...................................................................1-3

1.2 statement of the problem..................................................................3-4

1.3 objectives of the study.....................................................................4-5

1.4 Research questions............................................................................5

1.5 Research hypothesis..........................................................................6

1.6 Significance of the study...................................................................6-7

1.7 Scope of the study.............................................................................7

1.8 Limitation of the study..................................................................... 7-8

1.9.1 Pension scheme...............................................................................8

1.9.2 Contributory pension scheme.........................................................8

 1.8.3 Pension fund administrators (PFA)..................................................8

1.8.4 Pension asset custodian (PAC) .......................................................8

1.9 Organization of the study...................................................................9

CHAPTER TWO

 2.0 Introduction ..................................................................................10-11

2.1 Theoretical framework ............................................................... 11-14

2.2 Conceptual literature...................................................................14

2.2.1 Contributory Pension scheme .................................................14

2.2.2 Pension system in Nigeria.........................................................15-17

2.2.3 Pension scheme  ..................................................................... 17

2.2.4 Potentials Of contributory ...........................................................17-18

2.5 The problems of contributory pension scheme        ............................18-19                  

CHAPTER THREE

Research methodology

3.0 Introduction.................................................................................25

3.1 Research design.............................................................................25

3.2 Area of study..................................................................................25-26

3.3 Population size of the study ........................................................ 26

3.4 Sample size and sampling techniques ...........................................26

3.5 Sources of data collection .........................................................26 -27

3.6 Method of data analysis ................................................................27

CHAPTER FOUR

Data presentation and analysis

4.1 Introduction ...................................................................................... 28

4.2 Data presentation .............................................................................28- 30

4.3 Data analysis ................................................................................30-39

4.4 Test of hypothesis ................................................................................. 39

CHAPTER FIVE

5.0 Summary, Conclusion and Recommendations

 5.1 Summary .......................................................................................40

5.2 Conclusion ........................................................................................41-42

5.3 Recommendations .............................................................................42-44 

 

 

 

CHAPTER ONE

1.1 BACKGROUND OF THE STUDY

  The purpose of pension scheme is to provide the employees of an organization with a number of securing, on retirement, standard of living reasonably consistent with that they enjoyed while services. In effect it is a totality of plans, procedures and legal presence of securing and setting aside of funds to meets the social obligations of care which employers are owe their employees on retirement or in case of unexpected (death) Mr. Kk Bobai (208) an employee who worked for an organization for some years is entitled to some benefits which could be in form of gratuity and pension payable to such employee by his/ or her employer at the time of retirement. Pension is viewed as a sum of money paid regularly to a person who no longer because of old age, disability or retirement or to his widowed or dependent children by the state, former employers or from provident fund to which he and his employer both contributed Mr. Osuagwu S.A.U. (2002) The pension system prior to 2004 was characterized with many problems which make the payment of the retirement benefit a failure in Nigeria. Koripamo-Agari (2009) and Yunusa (2009) pointed out that the major weakness of pension scheme was lack of adequate and timely budgetary provision coupled with rising life expectancy, increasing number of employers, poor implementation of pension scheme in the private sector due to in adequate supervision and regulation of the system and too many private sector employees were not even covered by the form of pension scheme. The management of pensions in the past had been associated with tales of woes for pensioners. Usually only the mighty and the powerful received pension without tears Besides that the pension money was so small that many people did not care whether it was paid or not how ever as the economic crunch it harder and actives workers agitated for improved pa package, the pensioners had to be considered as such pay increase demand s where were met. The harmonization of the pensions of those who retired before 1991 wit those retired there after, the pension pay increase of 180% in 1999 and 142% of 2000 raised the hope and expectations of retired pensioners so much that nearly all those who had  ignored their benefits before started pursuing payments with arrears of payment running in to several years. Idakwo (2006).

This problem associated with payment of pension in Nigeria necessitated the government during Obasanjo regime could be reformed or viewed witch gave birth to the pension reform act of 2004. Elumelu (2005) posits the 2004 pension reform act established a uniform contributory; privately managed and fully funded pension system for both the public and private sector of the country. The pension reform act of 2004 was also established to address the manifested loopholes in the old defined benefits of pension scheme and provide adequate resources to retire after retirement from the services. The large capital pool demands that there should be sound uniform investment decision making to ensure that value is added to retirement saving account (RSA) contribution. Investment is normally done in the presence of numerous risk mostly political, markets and economic in nature. Investment and market analysis of these pension assets. The fund accounting organ of PFAs record every bit of inflow and outflow pension asset in and out of the entity fund.

The aim of the research paper is to asses primarily, the impact of investment decision on pension assets in the modern contributory pension scheme in Nigeria taking legacy pension manager Ltd, Abuja, 2010, as a reference of the study.


1.2. Statement of the problem:  

Although the new reform is guided by the key principles of sustainability, accountability, equity, flexibility, there is also this fear that funds or retires saving account (RSA) contributory can be misguided by the existing trustees. Also ask a given portfolio determines the return there of. Some pension fund administrators do not have the necessary risk management profile while some fail to pay regard to challenges and prospects of contributory pension scheme in Nigeria. Rating signals needed to make sound investment decision. The decision of investment managers of the pensions fund administrators who are responsible for this process impact greatly on the contribution value due to employees (fund owners) sound investment and efficient management of the huge pension fund assets has great implication on the economy. The spread of large accumulated fund to the capital and money markets are employment opportunities creation. From The forgoing, the following specific problems will be studied:

·        An assessment of effective management of contributing pension scheme In Nigeria.

·        The status of the fund assts regulation and frame work

·        The nature and effect of risk prevailing in the pension assets.

·        Monitoring and documentation of status report by the contribution.

     

1.3 OBJECTIVE OF THE STUDY

The main objective of this study is to assess an effective management of contributing pension scheme fund with a view to determining its contribution to the economy through the investment excess pool of fund in the capital and money markets and creation of employment opportunities.

The specific objectives are:

·        To examine how contributory pension scheme influence the gross domestic product (GDP).

·        To examine the roles of an assessment of effective management of contributory pension scheme in Nigeria.

·        To identify possible challenges effecting contributory pension scheme.

·        To suggest possible solutions to improve pension administration in Nigeria.

     1.4 RESEARCH QUESTIONS

I.            How does contributory pension scheme gross domestic product (GDP) IN NIGERIA?

II.            What are the roles of contributory pension scheme to an effective management development?

III.            What are the possible challenges affecting contributory pension to an assessment of contributory pension scheme in Nigeria?

     

     1.5 Research hypothesis.

·        Hypothesis I-HO: Contributory pension scheme has no significant and positive effect on gross domestic product (GDP)

·        Hypothesis II HO: The risk prevalent in pension fund investment has no significant effect on pension management.

·        Hypothesis III HO: There Is No Challenge  regarding contributory pension scheme.

     

1.6 Significant of the study

  Every country faces many choices in dealing with micro and macro economic issues. These choices are made daily in more or less coordinated ways with a long or short term perspective. The pre-pension reform Act 2004 was a ‘’pay as you go’’ (PAGA) pension scheme faced with a lot of challenges that give birth to the new contributory pension scheme. The significance of this work therefore can never be overemphasized as it will avail the stake holders the necessary and basic understanding on how their mutual interests are protected. The contributors would have a grasp of how their retirement saving account (RSA)  funds are managed by pension fund administrators (PFAs) and safe custody by pension fund custodians (PFCs) and its effect in economy. It is also of importance to pension commission (PENCOM) and the government at different levels as it provide avenue to overcome the short-comings in the modern system. New pension scheme came in to existence in 2004.

Consequently, this is undoubtedly a new horizon that calls for detailed research.

Pension fund accounting us a new area that needs input from scholars, hence, this study will help other researches with interest in pension.

     

1.7 Scope of the study

This study is on the issue of pension administration in Nigeria from 2005 to 2015. How ever, the area of coverage of the study of contributory pension scheme, its operation and problems (challenges) provisions, operation mechanisms and most centrally, the work will be restricted to new pension scheme: contributory pension scheme with particular references to pension fund administrator, using legacy pension as a case study.


1.8 Limitation of the study.

Major limitation experienced in this studying is the pension fund administrators itself. Most of the information provide by the legacy pension manager required explanation as to the reason behind such activities and actions. Nevertheless, there is always solution to a problem the problems were to an extent surmounted. There is also a limitation to textbooks, journals and other materials in the library. In addition, there was sufficient time for the study. In fact, it is very difficult for a student to go for a research work due to the current situation of the economy which makes prices of things very high viz-avis the cost of transformation the pension fund administrator to obtain relevant materials to this research work were very expensive.

How ever the challenges were brought under control to ensure success of this research work.

1.8.1 PENSION SCHEME: is a totality of plan procedures and legal processes of securing and setting aside fund to meet the social obligation of care which employers owe their employees on retirement, disability or to their dependents in case of death. Mrs. K.K. BOBAI (20008)        

1.8.2. Contributory pension scheme : This is the one of the Nigerian reforms established in the year 2004 during Obasanjo administration, it is contributory fully funded, privately managed, is was established to address the manifested loopholes in old defined benefits pension scheme and provide adequate resources to utilize after retirement fro the services. M. S. O. Osagwu (2007)

1.8.4 Pension fund administrator (PFA) is an entity licensed by national pension commission to manage the pension assets.


    1.9 Organization of the study.

The research work contained chapter 1-5 which are the general introduction: this consist of background of the study, statement of the problem, objectives of study, research questions, research hypothesis, significance of the study, scope and definitions of terms and organization of the study. Chapter two is the literature review that has in it the introduction, theoretical framework, conceptual and empirical literature. While chapter three is the research methodology, it is contained the introduction, research design, area of the study population size of the study, sample size and sampling technique, sources of data collection and method of data analysis. However in the subsequent chapter that is chapter four, would see how the data is presented and analyzed and finally chapter five is the summary of the work, conclusion and recommendations. Analyze and finally chapter five is the summary of the work, conclusion and recommendations. At lastly is the references.


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  • Anonymous

    6 minutes ago

    This study was designed to assess genetic diversity of TLR7 gene and its expression profile in the Nigerian indigenous chickens and ISA Brown layer chicken. The study population comprises eight (8) groups (naked neck, normal and frizzled-feathered Nigerian indigenous chickens in rain forest and Guinea Savannah regions respectively, Fulani ecotype chicken and ISA Brown layer chicken). Five (5) blood samples were collected from each chicken group. Genomic DNA was isolated from each blood sample using the Zymo Quick-gDNATM Miniprep kit. The DNA sequencing of chTLR7 gene was done using the Sanger Sequencing Chemistry. Tissues from the thymus and the liver were aseptically collected from Two (2) clinically healthy chickens from each chicken group and were immediately transferred into separate 1.5 ml Eppendorf tubes containing 1 ml of RNALater solution. Total RNA was isolated using ISOLATE II RNA Mini kit. Complementary DNA (cDNA) was synthesized using SensiFASTTM cDNA synthesis kit. The expression of chTLR7 RNA was determined by qPCR assay; β-actin was used as the reference gene. 26 SNPs, two deletions and two insertions in the intronic region of TLR7 gene in the Nigerian indigenous chicken population and ISA Brown commercial layer chicken were found. Haplotype analysis revealed 13 haplotypes out of which nine (9) were unique to the Nigerian indigenous chickens; three (3) haplotypes were shared between ISA Brown layer chicken and the Nigerian indigenous chickens, while one (1) haplotype was unique to the Red jungle fowl. Nucleotide diversity estimates ranged from 0 to 0.019, which were close to zero and suggest that the chicken populations were not genetically differentiated at TLR7 locus. Estimates of gene flow ranged from -0.096 to 0.400 and were close to zero. Genetic distance estimates ranged from 0.007 to 0.054 and were close to zero, which suggests that the chickens have a close ancestor. The estimates of nearest-neighbour statistic ranged from 0.227 to 0.714, which showed that the chicken populations were part of the same panmictic population, hence were not genetically differentiated (P>0.05) at the TLR7 locus. Phylogenetic analysis of TLR7 gene sequences of the genetic groups and the Red jungle fowl revealed very close relationship at the TLR7 locus, which suggests that the TLR7 locus is highly conserved. TLR7 expression in the liver and thymus was significantly different (P<0.01) among the eight chicken groups; the Nigerian indigenous chickens expressed more TLR7 gene than ISA Brown layer chicken. Rain forest naked neck chicken had significantly (P<0.01) highest TLR7 expression of 2.07±0.07 fold. However, expression of TLR7 gene in the liver of rain forest frizzle-feathered and normal chicken, Guinea savannah naked neck, frizzle-feathered and normal chicken, and Fulani ecotype chicken were similar (P>0.05). Gene expression analysis of TLR7 RNA suggests that the Nigerian indigenous chickens could have comparatively more antiviral immune response than ISA Brown commercial layer chicken, hence could be used to develop chickens lines with good antiviral response. Polymorphisms observed at TLR7 gene in the Nigerian indigenous chickens could be used in marker-assisted selection to produce chicken lines with good antiviral response. TABLE OF CONTENTS Cover Page i Declaration ii Certification iii Dedication iv Acknowledgement v Table of Contents vi List of Tables x List of figures xi List of Plates xii Abstract xiii CHAPTER 1: INTRODUCTION 1 1.1 Background Information on the Nigerian Indigenous Chickens 1 1.2 Brief Background on the ISA Brown Commercial Layer Chicken 4 1.3 Toll-like Receptor Seven (TLR7) Gene 5 1.4 Statement of Problem 7 1.5 Objectives of the Study 8 1.6 Justification 8 CHAPTER 2: LITERATURE REVIEW 10 2.1 Origin of the Domestic Chicken 10 2.2 Genetic Diversity of the Domestic Chicken 10 2.3 Assessment of Genetic Diversity within and Between Chicken Populations 11 2.4 Genetic Markers for Assessing Genetic Diversity 12 2.4.1 Random amplified polymorphic DNA (RAPD) markers 13 2.4.2 Restricted fragment-length polymorphism (RFLP) markers 14 2.4.3 Amplified fragment length polymorphism (AFLP) 15 2.4.4 Microsatellites 15 2.4.5 Mitochondrial DNA D-loop 16 2.4.6 Single nucleotide polymorphism (SNP) 16 2.4.6.1 Single nucleotide polymorphisms (SNPs) analyses in different chicken populations 18 2.5 Ecology and Genetic Profile of the Nigerian Indigenous Chicken Populations 21 2.6 Phenotypic Characteristics of the Nigerian Indigenous Chickens 22 2.7 Genetic Analysis of the Nigerian Indigenous Chickens Using Physiological and Biochemical Markers 30 2.8 Molecular (DNA-based) Analyses of the Nigerian Indigenous Chickens 35 2.8.1 Molecular genetic analyses of the Nigerian indigenous chickens using microsatellite markers 36 2.8.2 Molecular genetic analyses of the Nigerian indigenous chickens at mitochondrial DNA D-loop region 37 2.8.3 Molecular genetics analyses of the Nigerian indigenous chickens using single nucleotide polymorphism (SNP) markers 38 2.9 Toll-like Receptors (TLRS) 39 2.9.1 The chicken toll-like receptor repertoire 40 2.9.2 Molecular structure of the chicken TLRs 41 2.9.3 The chicken toll-like receptor genes and their roles in pathogen recognition 42 2.9.4 Molecular variants of TLR genes in avian species 44 2.9.5 The chicken toll-like receptor 7 (chTLR7) gene and its expression profile 47 2.9.6 Polymorphisms of chTLR7, and its association with viral diseases 50 CHAPTER 3: MATERIALS AND METHODS 54 3.1 Experimental Populations 54 3.2 Blood Sample Collection 55 3.3 Laboratory Analysis 55 3.4 Experiment 1: Analysis of Genetic Diversity at TLR7 Gene in the Nigerian Indigenous Chicken Populations and ISA Brown Commercial Layer Chicken Using DNA Sequencing 55 3.4.1 DNA extraction and protocol 55 3.4.2 DNA quantification and integrity 56 3.4.3 Polymerase chain reaction (PCR) and primers 56 3.4.4 Preparation of agarose gel 57 3.4.5 Electrophoresis of PCR products 57 3.4.6 Visualization of PCR products (amplicons) 58 3.4.7 Cleaning of amplicons 58 3.4.8 Agarose gel electrophoresis of cleaned amplicons 59 3.4.9 Sequencing of PCR products 59 3.4.10 Alignment and editing of sequences 59 3.4.11 Single nucleotide polymorphism (SNP) identification and estimation of genetic diversity indices 59 3.4.12 Genetic distance estimation 60 3.4.13 Phylogenetic analysis 60 3.5 Experiment 2: Assessment of Evolutionary Relationship of TLR7 Gene in the Nigerian Indigenous Chickens, ISA Brown Layer Chicken and TLR7 Gene Sequences from Other Poultry Species in Genebank 60 3.5.1 Retrieval of DNA sequences from NCBI database 60 3.5.2 Multiple sequence alignment 61 3.5.3 Genetic distance estimation 61 3.5.4 Phylogenetic analysis 61 3.6 Experiment 3: Gene Expression Profile of TLR7 in Lymphoid Tissues of the Nigerian Indigenous Chickens and ISA Brown Commercial Layer Chicken 61 3.6.1 Experimental birds and management 61 3.6.2 Tissue collection 62 3.6.3 RNA extraction 62 3.6.4 RNA quantification and integrity 63 3.6.5 Complementary DNA (cDNA) synthesis 64 3.6.6 Real-Time Polymerase Chain Reaction (qPCR) 64 3.6.7 Assembling of qPCR data and statistical analysis 65 CHAPTER 4: RESULTS AND DISCUSSION 66 4.1 PCR Optimization of chTLR7 Gene 66 4.2 Genetic Diversity at TLR7 Gene of Nigerian Indigenous Chickens and ISA Brown Commercial Layer Chicken 66 4.2.1 Single nucleotide polymorphisms (SNPs) and INDELs of TLR7 gene in the Nigerian indigenous chickens and ISA brown commercial layer chickens 66 4.2.2 TLR7 haplotype variations, nucleotide diversity, genetic differentiation and nearest-neighbour statistic 75 4.2.3 Genetic distance and relationship of TLR7 gene sequences in Nigerian indigenous chickens and ISA brown layer chicken 83 4.2.4 Phylogenetic analysis of TLR7 gene in Nigerian indigenous chicken populations and ISA brown commercial layer chicken 88 4.3 Evolutionary Relationship of TLR7 Gene in Nigerian Indigenous Chickens, ISA Brown Commercial Layer Chicken and TLR7 Gene Sequence from Other Poultry Species in Genebank 90 4.4 Expression Profile of TLR7 RNA in Lymphoid Tissues of the Nigerian Indigenous Chickens and ISA Brown Commercial Layer Chicken 94 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS 98 5.1 Conclusion 98 5.2 Recommendations 99 References 100 Appendices 117

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