Determination of the Level of Acceptance and Compliance to the New Pension Scheme in Nigeria

Abstract

This paper reviews the new pension scheme in Nigeria viz a viz the basic philosophy and objectives of pension schemes generally. It chronicles the various efforts and challenges at administering an effective pension scheme in Nigeria over the years with particular focus on the level of acceptance and compliance by all the stake holders in the new scheme. It notes that much as the new scheme is far better than the old ones, much has to be done through education and enlightenment to get the cooperation, interest, acceptance and compliance by all the critical stake holders. This is critical in view of the rapidly increasing population of the aged in Nigeria and given the predominant level of corruption in the conduct of public affairs in Nigeria. It is hoped that through the strengthening of critical accountability and control institutions and speedy adoption and adaptation of the new International Financial Reporting Standard and most importantly the strengthening of both legal and accounting infrastructure in Nigeria, the new pension scheme will succeed.