ABSTRACT

The thrust of this study is to examine the impact of the implementation of the Pension

Reform Act 2004 with particular reference to Nnamdi Azikiwe University, Awka from 2004

– 2012. The primary objective was to systematically study the Pension Reform Act 2004 and

to find out its e ffectivene ss a nd efficiency in enhancing pensioners’ welfare. To achieve this

objective the researcher stated thre e research que stions a nd three hypotheses for which a

structure d questionnaire containing thirty seven (37) question ite ms was construc ted. The

response s to the question items constitute d the data for the study. The data extracted from

the questionnaire were pre sented and analyzed from which the following findings were

made: Majority of the re sponde nts agreed that the problems of the Old Pension Scheme

negatively affected the pensioners’ welfare; the respondents agreed that the implementa tion

of the Pension Re form Act 2004 has not signific antly enhance d the pensioners’ welfare; the

respondents agreed that the institutional framework for the implementation of the Pension

Reform Act 2004 is not significa ntly effe ctive a nd efficient in delivering pensioners’ welfare

in Nnamdi Azikiwe University. Based on the findings, the following major

recommendations were made: Public enlightenment mechanism for the beneficiaries and the

public about the operations of the new pension sc heme should be instituted; Pe nsion Fund

Administrators should ensure that the y have a credible and competent workforce that will

guarantee the issuance of accurate statement of account regularly. Any employer who fails

to account accurately for his employees’ contributions should be adequate ly sanctioned as

provided by law to serve as deterrent for others. There is urgent need for regular training and

development for human resource managers and others, etc. The researcher hereby

recommends further re search on possible amendments on the gray areas in the Pension

Reform Act 2004 and the impact of the reform on the private sector’s employees and

pensioners.