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Contributors’ Involvement in Pension Fund Investments Decision Making and Retirees Standard of Living in University of Lagos, Nigeria

Author

Listed:
  • Hope Nwawolo
  • Ngozi Nwogwugwu

Abstract

Management of the pension scheme in Nigeria had been inundated with several and diverse challenges ranging from corruption and mismanagement of funds for some decades. As a result retirees were not able to access their pension benefits leading to some dying without access to their fund. The government then introduced the contributory pension system in a pension Act of 2004 which was amended in 2014, as a measure to minimize the sufferings of retirees as well as allay the fears of workers. However, the problems of pension are yet to abate and retirees are still groaning under unstable welfare. This study examined contributors’ involvement in pension funds investment decision making and retirees’ standard of living. The study adopted convergent parallel research design with population being non-academic staff of University of Lagos. The population of the study was 5098 and sample size was set at 100 respondents using Taro Yamane’s (1967) formula. Response rate of the validated questionnaire was 91%. Descriptive and inferential statistics (linear regression) were employed in analysis of data. The study found that contributors’ decision making on pension fund investment exerted a positive significant effect on retirees standard of living (β=.46, R2=0.49, t=10.57, p

Suggested Citation

  • Hope Nwawolo & Ngozi Nwogwugwu, 2019. "Contributors’ Involvement in Pension Fund Investments Decision Making and Retirees Standard of Living in University of Lagos, Nigeria," Asian Social Science, Canadian Center of Science and Education, vol. 15(4), pages 1-69, April.
    • Handle: RePEc:ibn:assjnl:v:15:y:2019:i:4:p:69
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    References listed on IDEAS

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    1. Nicole Maestas, 2004. "Back to Work: Expectations and Realizations of Work After Retirement," Working Papers wp085, University of Michigan, Michigan Retirement Research Center.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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