The New Contributory Pension Scheme and the Investment of Pension Fund for Improved Benefits

Dr. Abel Ehizojie Oigbochie, Obera Victoria Ahonya and Sr. Dr. Paschal Mba Nchedo
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Dr. Abel Ehizojie Oigbochie: Veritas University Bwari, Abuja
Obera Victoria Ahonya: School of Management Studies Office Technology and Management Department, Kogi State Polytechnic
Sr. Dr. Paschal Mba Nchedo: Veritas University Bwari, Abuja

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 8, 642-649

Abstract: The study examined the new contributory pension scheme and the investment of pension fund for improved benefits. Descriptive statistics was used in analyzing the responses elicited through questionnaire, from the sampled population. Data gathered from in-depth interview were analyzed qualitatively in other to test the hypothesis. It was found that the investment of pension funds has not led to fair returns in retirees Retirement savings accounts (RSA) balance. The study suggests diversification of the portfolio and modes of investment of pension funds by the PFAs to include greater emphasis on the real estate and infrastructures, a part from government secured bonds. It is also suggested that Pen Com as the regulator should ensure adequate supervision of the activities of the PFAs so they can declare fair returns.

Date: 2023
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