1.1 Background to the Study
National
Pension Commission (Pencom) is one government agency whose role and relevance
in the life of every Nigerian cannot be ignored. National Pension Commission
was established in June, with powers to formulate, direct, oversee overall
policy on pension matters in Nigeria. The commission
also regulate and supervise the contribution pension scheme established under
the Pension Reform Act of 2004, and is also saddled with the duty of issuing
guidelines for the investment of pension funds.
Obviously, before the
enactment of the Pension Reform Act, (2004), retirement from service in
Nigerian used to be a night more. Nigerian workers were busy falsifying their
ages and if by any reason one faces compulsory retirement, such a person does
not usually last up to five years before his/her death. Indeed retirement of an
average Nigerian from services was often followed by one terminal sickness of
the other, mainly due to emotional and psychological trauma and poverty
associated with retirements.
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