THE LAWS AND ADMINISTRATION OF RETIREMENT IN NIGERIA: A HISTORICAL APPROACH

Abstract

Retirement and Pension today, has become a topical issue, one that has engaged the commitment of government, attention of employers and workers not only in Nigeria but also in many developing and emerging economies of Africa, Asia and Latin America. Retirement pensions are typically the largest component of the set of public interventions that make up a social insurance system. In nations that have evolved over the years an effective and functional pension schemes, majority of the retired personnel can live comfortable with their pension allowances without so much discomfort to their family economic stability. In Nigeria, before the new pension scheme, retirees are frustrated through undue delay, and sometime, denial of gratuity and pension allowances. In such circumstances, the fear is not certainly retirement, but the pains one has to pass through after a meritorious service to the nation. It is against this backdrop that this paper seeks to examine retirements and pensions in Nigeria. It equally analyses the contents of the Pension Reform Act (PRA) 2004 together with previous pension legislations.