Pension systems were introduced into the country by the colonial administrators. The first legislative document on pension in Nigeria was the 1951 Pension Ordinance. Equally, the last legislation on pension matters in the country is the Pension Reform Act 2004, which established a Contributory Pension Scheme and unified the administration and management of pension for both the Public and Private Sectors. It established for the first time, a single Regulator to oversee both public and private pension schemes in the country. The contributory pension scheme addresses the pension liability by stemming its further growth and provides a platform for addressing this liability. The scheme is contributory in the sense that both the employees and the employer contribute towards the retirement benefit of the employee. This paper seeks to examine and analyze the contents of the Pension Reform Act (PRA) 2004. It equally tries to analyze the implications of the Pension Reform Act (PRA) and its contributions towards the retirement social benefits of employees both in the Public and Private sector.

Pension systems were introduced into the country by the colonial administrators. The first legislative document on pension in Nigeria was the 1951 Pension Ordinance. Equally, the last legislation on pension matters in the country is the Pension Reform Act 2004, which established a Contributory Pen...