The Effect of Pension Fund Administration on Poverty Reduction Among Retirees in Lagos, Abuja, and Port Harcourt
Abstract
This study examined the effect of pension fund administration on poverty reduction among retirees in Lagos, Abuja, and Port Harcourt. The study specifically investigated the effect of contribution management, investment management practices, record management systems, regulatory compliance practices, and Information and Communication Technology (ICT) adoption on poverty reduction among retirees. The study adopted a survey research design, while primary data were collected through the administration of structured questionnaires to staff of ten selected Pension Fund Administrators operating within the study areas. A total of 200 questionnaires were distributed, out of which 186 were correctly completed and returned, representing a response rate of 93%. Data collected were analyzed using descriptive statistics, including frequency distributions, percentages, means, and standard deviations, and multiple regression analysis was employed to test the hypotheses in the Statistical Package for the Social Sciences (SPSS) version 27. The findings revealed that contribution management, investment management practices, record management systems, regulatory compliance practices, and ICT adoption all have positive and significant effects on poverty reduction among retirees. The study further revealed that ICT adoption had the strongest influence on poverty reduction, owing to its role in improving operational efficiency, reducing delays, and enhancing pension service delivery. The study concluded that efficient pension fund administration significantly contributes to poverty reduction and retirees’ welfare in Nigeria. The study recommended improved regulatory monitoring, enhanced ICT infrastructure, efficient record management systems, and prudent investment practices to strengthen pension administration and improve retirees’ economic wellbeing.