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AN APPRAISAL OF THE EFFECT OF PENSION REFORM ACT IN THE DEVELOPMENT OF NIGERIA

Abstract

Prior to 2004, the administration of pension in Nigeria was largely marked by the non-contributory defined benefit scheme. With the coming into force of the Pension Reform Act 2004, the Nigerian pension system was, to say the least, overhauled. A contributory pension scheme was established for every employee under the Pension Reform Act 2004. It also brought along with it a triangular relationship of the employee, pension fund administrator and pension fund custodian. The pension fund administrator was made the exclusive manager of the fund while custody of the funds was the preserve of the pension fund custodian. Though not immediately visible, the concept of trust was central to the relationship between the pension fund administrator, the pension fund custodian and the employee. In 2014, the 2004 Act was repealed and a new Pension Reform Act enacted. However, the concept of trust remained unaffected. This work, therefore aims at examining the relationship between the law of trust and Nigerian pension law. It seeks to unveil the meaning of pension trust with a painstaking analysis of the nature, parties, advantages, breach and remedies of the pension trust created under the Pension Reform Act 2014.

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