Governance, Public Sector Pension Schemes and Retirement Planning: Lessons for Retirees

Abstract

For quite some decades now, Nigerian Pensioners have been subjected to poverty, hunger and starvation, in spite of diverse pension plans and reforms; due to delay in the processing and payment of retirement benefits; having served their nation with their youthful strength for thirty five years. This paper therefore examines retirement plans of government for employees and provides an insight into personal retirement planning strategies. A documentary research method was adopted for the study, and hence, literature review combining government enactments on pension scheme and other related literature were used. It was found amongst others that in spite of several pension reforms in Nigeria, retirees and pensioners still face problems such as delays in processing and payment of retirement benefits, hunger, starvation, protracted ill-health and avoidable death. Against this backdrop, this paper recommends and provides insight into a 7-year plan and strategies for coping with retirement and old age.