This project work is focused on management of Pension Fund in Nigeria: challenges and Prospects The project is aimed at examining the challenges faced by management of pension fund in Nigeria and achievement or prospects recorded so far. The writer in reviewing literature of this work employed a historical method. In chapter three the researcher made use of survey research plan in which questionnaires were split into section, stratified random sampling were equally applied and statistical data were extracted and used. Furthermore, the writer formulated hypothesis in line with the problems and objectives of the study. However, product moment coefficient of correlation were used to test the hypothesis in which the following result emerged. The amount of pension fund contribution has a high positive relationship with asset investment portfolio and prospect on amount of contribution were recorded. The FGN bond capital market has a high positive relation with asset investment of pension fund which created prospect to pension fund investment system in Nigeria. Biometric system assists to dictate fraud and encourage proper investment of pension fund in Nigeria. Data collected were analysed and presented with tables and percentages. In view of the findings made, the following recommendation accrued from the result of the research work: Ethics and moral standard should be built. Prompt and regular payment of pension should be adopted, proper investment and expansion of asset investment portfolio should be encouraged. Adequate training should be given to management on how to make effective and efficient use of biometric system.
1.1 BACKGROUND OF THE STUDY
The management of Pension Fund in Nigeria is as old as Nigeria itself. Pension fund was introduced by the colonial masters to provide income and security for old age British citizens working in Nigeria upon retirement as a post-retirement benefit to employees. In the view of Adesina (2006:7), Nigeria Legislative instrument on pension matters was the pension ordinance of 1951 which had retrospective effect from 1st January, 1946. In 1961 National provident from (NPF) scheme was established with the legislation to address pension matters n private organizations. Eighteen years later Pension Fund Act No. 102 with Armed Forces Pension Act No. 103 came up the same year in 1979. In 1987 police and other Government Agencies Pension was enacted under Pension Act No. 75.