ABSTRACT
This study investigated the Effectiveness of Pension Fund Accounting In The Nigeria Public Sector: The Rivers State Experience. In order to achieve the objectives of the study, two hypotheses were formulated and data collected through the issue of fifteen structured questionnaires to pension Desk officers in the public sector in government ministries and parastatals. The collected was analysed using Pearson Correlation method. From our findings, it is shown that it is important and reasonable for serving officers to really appreciate the implications of the various rules and regulations governing the payment of pensions. That documentation is being seen as a problem of pensions payment which requires a greater attention. This triggers strategic planning to encourage and enforce compliance or adherence to prescribed financial laws. That officers can ignorantly or otherwise effect necessary mistakes that may lead him or her to be criminally held liable. The findings from the analysis also show that scheduled officers handle pension cases with little or no basic Professional skill, knowledge and ethnics of the accounting profession. From the above findings, we conclude that documentation is the major obstacle or problem faced by the office of the Auditor-General in pension fund accounting/ auditing. That falsification of records is being identified as a result of un-documentation of relevant service particulars. Thus, payment of pension can only be fraud-free if and only when fraudsters are not given any sensitive post and office of trust to manage. Based on the empirical analyses and findings, the following recommendations are proffered for government consideration: A re-orientation of serving officers with emphasis on professionalism in the civil service. Documentation of an officer’s service history for purposes of pension claims should commence immediately on first appointment. Appropriate laws should be enacted to stop the diversion of pension fund. And that an inspectorate unit for the sole purpose of monitoring the use of pension fund released to various pension units be created.
Thus, there are numerous and various cases reported in connection with general diversion of pensions fund, wanton destruction of accounting principles concerning pension fund administration especially in government ministries and government owned companies, parastatals and institutions; which have reached an extremely alarming degree or magnitude in recent times.
However, referring to Dei Comity Izonfade (1999), “pension fund is the sum of money set aside for the payment of pension claims on the basis of qualification through length of service and age” or put in another way, pension fund is the amount of monies earmarked specially for the disbursement of pension benefits to pensioners who take their rest after their labour or service to government.
Beside, in the public service the funding is solely the responsibility or obligation of the federal government. It is also an exclusively reserved function exercised or performed by the federal government. And she does provide or create the fund on pay-as-you-go basis. This whole idea of disbursement of retirement benefits to pensioners is a recent and welcome improvement in the public service. It is also crystally declare that as soon as one is gainfully employed on pensionable post; pension allowance and gratuity is a must which one looks up, to the end of one’s service period to either the local, state or federal governments or other scheduled authorities like institutions of higher learning, corporations, parastatals and agencies which operate pensions fund rename for their employees.
Nevertheless, the payment of pensions is by statute as in Decree No. 102 of 1979, pensions rights or judges Decree of 1985 and the revised Decree of judges. Basically, pension fund accounting is a
statutory and constitutional provision to affect payment of retirement and gratuity benefits to pensioners.
However, the study is to unveil the bureaucracy associated with the administration of pensions, the likelihood of forgery, embezzlement, fraud and also to portray the delays intervened with the payment of gratuities. ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW
INTRODUCTION
.................. The essence of transparency, probity and accountability in both the public and private sectors cannot be overstretched and it has really increased the drive and demand for more and the information about organizations. Government, shareholders, management experts and other users of accounting information actually need to ascertain whether funds are utilized in compliance and in accordance with government established financial control mechanisms. And whether the primary objectives of purposes for which the fund was set up were achieved at the end of the day.Thus, there are numerous and various cases reported in connection with general diversion of pensions fund, wanton destruction of accounting principles concerning pension fund administration especially in government ministries and government owned companies, parastatals and institutions; which have reached an extremely alarming degree or magnitude in recent times.
However, referring to Dei Comity Izonfade (1999), “pension fund is the sum of money set aside for the payment of pension claims on the basis of qualification through length of service and age” or put in another way, pension fund is the amount of monies earmarked specially for the disbursement of pension benefits to pensioners who take their rest after their labour or service to government.
Beside, in the public service the funding is solely the responsibility or obligation of the federal government. It is also an exclusively reserved function exercised or performed by the federal government. And she does provide or create the fund on pay-as-you-go basis. This whole idea of disbursement of retirement benefits to pensioners is a recent and welcome improvement in the public service. It is also crystally declare that as soon as one is gainfully employed on pensionable post; pension allowance and gratuity is a must which one looks up, to the end of one’s service period to either the local, state or federal governments or other scheduled authorities like institutions of higher learning, corporations, parastatals and agencies which operate pensions fund rename for their employees.
Nevertheless, the payment of pensions is by statute as in Decree No. 102 of 1979, pensions rights or judges Decree of 1985 and the revised Decree of judges. Basically, pension fund accounting is a
statutory and constitutional provision to affect payment of retirement and gratuity benefits to pensioners.
However, the study is to unveil the bureaucracy associated with the administration of pensions, the likelihood of forgery, embezzlement, fraud and also to portray the delays intervened with the payment of gratuities. ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study 1
1.2 Statement of the Problem 3
1.3 Purpose/Objective of the Study 8
1.4 Research Questions 8
1.4 Research Hypotheses 9
1.5 Significance of the Study 9
1.6 Scope of the Study 10
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Theories of Pension Account
2.1 Historical Background 14
2.2 Decree No. 102 of 1979, Major Provisions 15
2.3 Major Highlights and Provisions of the Pensions Act 15
2.4 Eligibility 19
2.5 Circumstances under which Pensions/Gratuity Granted 19
2.6 Necessary Requirements for the Computation
of Pension and Gratuity from a Retiree 20
2.7 Payment of Pension: The Role of Establishment,
Training and Pensions Bureau 23
2.8 Computation of Retirement Benefits 24
2.9 Documentation 30
2.10 Office of Auditor-General 38
2.11 Audit Objectives in Pension Payment 39
2.12 Documents Required by Auditor-General
to Accompany Computed Benefits 40
2.13 Payment of Pensions 41
2.14 Literature Review on Meaning of Accounting 43
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 Introduction 46
3.2 Research Design 46
3.3 Population/Sample of Study 47
3.4 Sources of Data 47
3.5 Method of Analysis of Data 49
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND INTERPRETATION
4.1 Introduction 50
4.2 DATA PRESENTATION AND ANALYSES 51
4.3 HYPOTHESES TESTING 56
CHAPTER FIVE
SUMMARY, CONCLUSION, AND RECOMMENDATION
5.1 Summary 59
5.2 Conclusion 62
5.3 Recommendations 62
BIBLIOGRAPHY 68
Reference code: C058
Reference code: C058
74 Pages
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