THE ROAD TO STABILITY: FACTORS INFLUENCING PENSION FUND SUSTAINABILITY IN NIGERIA

Abstract

Pension systems, introduced by employers, stand as a crucial safeguard against financial hardship for retired employees. They have garnered significant traction globally, emerging as a pivotal topic for policymakers striving to foster privately-funded retirement savings in the face of an ageing workforce (World Bank, 1994). These schemes are meticulously structured to furnish retired workers with a financial cushion, ensuring the provision of their essential monetary requirements. As a result, governments worldwide have accorded paramount importance to retirement benefits, overseeing the establishment of robust pension schemes within their public service domains. Encouragement has also been extended to private sector employers to institute similar retirement benefit programs for their workforce, albeit with varying degrees of adherence compared to the public sector. The implementation of these retirement benefits, however, has encountered challenges necessitating periodic reviews and reassessments by nations