By Oparah, Frank Goodnews
The work examined and analysed the management of pension scheme in the Nigerian Armed Forces since the introduction of the contributory pension scheme in Nigeria. The research design was a combination of a survey, oral interview and model modification. The population of the study was 6000 made up of military personnel of the 6 military units based in Makurdi, Port Harcourt, Calabar, Enugu, Abuja and Kaduna. From this, a sample size of 375 was drawn using the stratified sampling technique of probability sampling. The sample size was got by the use of Taro Yamane’s formula. The study utilized data from both primary and secondary sources. Primary data were generated using questionnaire, oral interview schedule and dichotomous oral interview schedule as three instruments. Secondary data, on the other hand, were obtained from official publications, journals, textbooks, documentations, paper clippings and internet services. 375 copies of the questionnaire were administered to the military personnel. The data was presented using tables, simple bar charts, histograms and a pie chart. The reliability analysis was done using systematic sampling. The content validity analysis was done using both systematic and stratified sampling. The data was analysed using percentages, relative frequencies, z-test and Spearman’s rank correlation coefficient. The five hypotheses were tested using Spearman’s rank correlation coefficient, z-test of population proportions and one factor chi-squared test. It was found that the administrative and management lapses that characterized the Pay-As-You-Go- Scheme would be absent in the contributory pension scheme. The study also confirmed that the long delay in payment, perennial lack of funds and corruption that characterized the Pay-As-You-Go system will be eliminated in the contributory pension scheme. It concluded that the work should be extended to the public sector to make for better generalization of the Nigerian situation. It was recommended that Government and the National Pension Commission should ensure effective monitoring, supervision and enforcement of the provisions of the Pension Reform Act 2004 that introduced the contributory Pension Scheme to avoid the problems identified with the Pay As You Go system.