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Administering Pension Funds in Government Parastatal; A Case Study of the University of Nigeria Nsukka

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Abstract

The state pension scheme which is a pay-as-you-go scheme is, ips0
facto, designed to provide for the risks of old age so that the retiree will not
be destitute at old age and also to enable him enjoy a standard of living
related to what he was enjoying as a worker. This scheme is non-contributory because pensioners are usually paid from the annual budgets of the nation. Every civil/public servant is, mutatis mutandi; entitled to this right on retirement.