Pension Fund Governance and Pension Sustainability in Nigeria: A study of University of Benin Teaching Hospital, Benin City. Edo State

Abstract

This study empirically examined pension fund governance and pension sustainability using both active and retired staff of the University of Teaching Hospital in Benin City, Edo State, Nigeria. The objective of the study was to investigate whether there is a significant relationship between pension fund governance and pension sustainability. A cross-sectional design was adopted for the study. The researched population comprised the entire active staff and retired staff from 2010 to 2022 both of the University of Benin Teaching Hospital who are beneficiaries of the contributory pension scheme in Benin City, Edo State, Nigeria irrespective of their cadre. A sample size of 400 was used for the study. Questionnaires were administered as the research instrument for data collection. Data analysis was carried out using descriptive statistics which include frequency and mean while multiple regression analysis was engaged to examine the hypothesis of the study at a 5% significance level with the aid of the Statistical Package for the Social Sciences (SPSS) Version 23 software. Findings reveal evidence that corporate governance practices have enriched and contributed positively to the sustained successes of the contributory pension scheme. The study recommends that the corporate governance structure as embedded in the new pension act should be maintained, sustained, and improved upon through continuous training of board members, committees, and stakeholders.