Business, Management and Accounting
5 years ago

Pension Fund Administrators Boost Motivation and Satisfaction in Nigerian Pension Scheme

Journal of Advanced Research in Law and Economics
Strategic Role of Pension Fund Administrators in Motivating Contributors’ Interests in the Nigerian Pension Scheme
Helen Jevwegaga, Ayodotun Stephen Ibidunni, Maloma David Akinnusi

Paper Summary

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The researchers looked at how Pension Fund Administrators in Nigeria can motivate people to save for retirement. They surveyed 168 active savers and 149 retirees in the South-West region. The study found that when PFAs pay pensions on time, it encourages people to save more. Also, giving bonuses on invested funds makes savers happier with the pension system. To improve customer service and attract more customers, PFAs should educate people on how their pensions are calculated and regularly update them on their earnings from investments.