Effect of Contributory Pension Scheme on Transparency and Payment of Retirees’ Benefit in the Federal Medical Centre, Lokoja, Nigeria

The study examines the effect of Contributory pension fund scheme on transparency and payment of retirement benefit in Federal Medical Centre Lokoja. Pension fund scheme was proxy by Pension Fund Administration, Person Fund Contribution and Pension Fund Custodian, while, transparency and payment of retiree’s benefit was proxy by pension fund transparency. The study adopted survey research design, the population used for the study was 400retirees’ of Federal Medical Centre, Lokoja same as the sample size, questionnaire was used to gathered data for the study and out of 400 copies of questionnaire administered 340 copies were retrieved which was used for the analysis. Descriptive statistics, correlation analysis and multiple regression analysis were used to analyze the data gathered for this study and test the hypotheses as well with the aid of Statistical Package for Social Science (SPSS). The study found that pension fund administration (PFA), Pension Fund Contribution (PFC) and Pension Fund Custodian (PFN) have positive and significant effect on pension fund transparency (PFT) at 5 percent level of significant in FMC Lokoja. The study therefore recommended that the employers and employees of both public and private organizations should embark on the policy of pension fund scheme in order to maintain transparency and payment of the retiree’s benefits.