The main purpose of this write-up was to determine the impact of pension reform Act 2004 on the Image of pension Workers in Nigeria. The pension Reform Act 2004 was characterized by some problems like non-compliance, ignorance of the benefit of the pension reform act 2004 which has hinder the smooth administration of the reform act. The major findings of this study were the fact that pension is a series of benefits provided by government or former employer to a person who has come to end of his working life and that the existing pension prior to the enactment of the pension reform act 2004 was characterized by indebtedness and so was seen effective. The conclusion of the study show that despite the problems faced by the reform act that if the reform act is given full time to manifest the reason beyond its enactment that it will boost the image of pension workers and pension business in Nigeria and will be of benefit to the citizenry of the state and also bring about economic growth and development of the nation.

TABLE OF CONTENTS

Title page - - - - - - -- - i

Approval page - - - - - - - - ii

Dedication - - - - - - - - iii

Acknowledgement - - - - - - - iv

Abstract - - - - - - - - - vi

Table of contents - - - - - - - vii

CHAPTER ONE

INTRODUCTION - - - - - - - 1

1.1 Background of the study - - - - 1

1.2 Statement of problems - - - - - 2

1.3 Objective of the study - - - - - 3

1.4 Research questions - - - - - - 4

1.5 Significance of the study - - - - - 5

1.6 Scope and limitation of study - - - - 6

1.7 Definition of operational term - - - - 7

CHAPTER TWO

REVIEW OF RELATED LITERATURE - - - 10

2.1 History of Insurance - - - - - 10

2.2 Historical development of pension reform Act 2004. 12

2.3 The meaning and purpose of pension - - 14

2.4 Overview of existing pension scheme - - 16

2.5 The impact of pension reform Act 2004 on Nigeria workers. - - - - - - - - 18

2.6 Supervisory and regulatory framework - - 22

2.7 The objective of the pension reform act 2004 on the image of pension business in Nigeria - - 25

2.8 Achievement of the pension reform act 2004 Highlights on the contributory pension scheme in Nigeria 28

2.9 Why the 2004 reform act are privately managed pension fund administration and pension assets custodians. - - - - - - - 30

2.10 The role of the national Pension Commission on

the Act - - - - - - - - 32

2.11 Eligibility for the scheme and exempt individuals 34

2.12 Transitional provision for the public sector and for the private sector - - - - - - - 36

2.13 Safeguard for the pension scheme - - - 37

2.14 Problems of the pension Act 2004 on the image of pension workers in Nigeria - - - - 40

2.15 Solution to the problems of pension reform act 2004 of Nigeria - - - - - - - - 43

2.16 Prospect of pension reform act 2004 on the image of pension on Nigerian workers - - - - 45

2.17 Prospect of pension reform Act 2004 on the image of pension on Nigerian workers - - - - 47

References - - - - - - - 49

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY - - 50

3.1 An overview - - - - - - - 50

3.2 Sources of data - - - - - - 50

3.3 Primary data - - - - - - - 52

3.4 Samples size - - - - - - - 52

3.5 Instrument use for the study - - - - 53

3.6 Validity and reliability of the study - - - 54

3.7 Method of data presentation and analysis - 54

CHAPTER FOUR

4.1 Summary of findings - - - - - 56

4.2 Discussion of findings - - - - - 57

CHAPTER FIVE

5.1 Conclusion - - - - - - - 59

5.2 Recommendation - - - - - - 60

5.3 Suggestion for further study - - - - 60

Bibliography - - - - - - - 63

Appendix - - - - - - - - 65

Questionnaire - - - - - - - 66

CHAPTER ONE

1.1 BACKGROUND OF THE STUDY

Currently a number of studies have been carried out on the impacts of pension reform Act 2004 on both the image of pension business in Nigeria and the entire workers in Nigeria.

However, much have not been discourse about impact on the new pension reform act 2004 will bring on the image of pension workers in Nigeria.

Pension natural can be described as a sum of money paid regularly to a person who has come to the end of his normal working life or it can be defined as a series of regular payment provided by government or former employer for a person who has come to the end of his normal working life or who no longer works because of age, disablement etc or to his widow or defendant children by the state by his former employer as or from funds to which he and his employers have both contributed. Thus, the introduction of the pension reform act 2004 was due to inability of the previous pension system to meet the need of the people.

Thus this research is embark as a result of the quest to bring to the effect. The new pension reform act 2004 have created so far on the image of pension workers in Nigeria.

It is also hope that this write up will enlighten the readers especially business student and pension administrators on the analysis of the impact of pension reforms act 2004 on the image of pension on Nigeria worker.

1.2 STATEMENT OF THE PROBLEMS

Like any other business venture, there are some problem that militate against the reform act 2004. They are as follows:

Ignorance of the most of the employers on the benefit of the new systems is one of the major problems encountered.

Also compliance to the news scheme is another problem facing by the act.

Unemployment is still a big problem which has in fact been exacerbated by some of the items in the reform agenda.

Poor standard of living of the people in Nigeria, the standard of living in Nigeria is very poor which makes most government employee cannot afford to provide for their basic necessities let alone saving for their future.

And finally political instability and unable labour policies in the past had endangered massive premature retirement thus creating an unstable pensioner to active workers ratio.