ABSTRACT
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 formular. 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.
