ASSESSMENT OF IMPLEMENTATION OF THE 2004 PENSION REFORM ACT IN THE FEDERAL CAPITAL DEVELOPMENT AUTHORITY (FCDA), ABUJA

This study is an assessment of the 2004 pension Reform Act with particular reference to the Federal Capital Development Authority (FCDA). The 2004 Pension Act otherwise known as the contributory Pension Scheme actually repealed and replaced the old Defined Benefits Scheme which was largely tagged unsustainable, ineffective and inefficient. The contributory pension scheme which is fully funded was aimed at addressing the myriads of challenges that characterized the old pension scheme. The objectives of this study among others include: to ascertain the extent to which the 2004 Pension Reform Act has been implemented in the FCDA and to ascertain how the implementation of the act has ensured prompt payment of pension benefits to retirees of FCDA. The study adopts the survey and documentary research methods. Data were collected through both primary and secondary means. The study uses questionnaire and interview as instruments of primary data collection while secondary data were gathered through existing documents.Among others, the study finds out that the implementation of the Pension Reform Act 2004 has helped in ensuring prompt payment of pension benefits in the Federal Capital Development Authority. Though most retirees of the FCDA are paid their pension benefits as and when due since the implementation of the 2004 Pension Reform Act, most retirees still grapple with the challenges of catering for their needs since the amount paid are grossly inadequate. The study recommends among others an upward review of the amount to be contributed by both parties.