Effective Management Of Pension Funds Towards Fraud Reduction And Good Pension Scheme In Nigerian Public Sector

This research examined effective management of pension funds that will reduce pension fraud and bring about good pension scheme in Nigerian public sector. The need for it arose due to increased mismanagement and embezzlement of pension funds by those charged with its management. Survey research method was employed and population comprised 435 stakeholders in the scheme. Data were collected from primary source (through questionnaire designed on continuum 1-5 Likert Scale) and were analyzed using descriptive statistics and multiple regression analysis with the aid of Minitab ver. 17. The Model - Effective Management of Pension Funds in Nigeria developed by the study was applied in representing independent and dependent variables. Effective Management of Pension Funds in Nigeria was the indicator applied as independent variable and reduction in pension fraud motive, adequate diversification of pension funds assets, strictest anti-fraud measures and compliance with the provisions of Pension Reform Act were the indicators in the model which were applied as dependent variable. The Model provides that for the effective management of pension funds in Nigeria, the indicators have to be implemented. Finding disclosed that the level of compliance of those in charge of managing pension funds with corporate governance practices for pension scheme was low. The study concluded that if fraud is reduced or even eliminated from the management of pension funds in Nigerian public sector, Nigeria will have good pension scheme of her dream.