Effect of Pension Fund Accounting on Retirement Benefits Management in Ebonyi State

Inadequate pension fund management has created severe retirement income insecurity for civil servants in several Nigerian states, with delayed and incomplete pension payments undermining the welfare of retirees and eroding trust in public pension institutions. This study examined the effect of pension fund accounting practices on retirement benefits management in Ebonyi State, focusing on the Ebonyi State Contributory Pension Scheme. The study was anchored on the stewardship theory, which frames pension fund managers as stewards accountable to beneficiaries for the prudent management of retirement assets. A mixed-method design combining survey and documentary analysis was adopted. The population comprised 185 pensioners, pension board officials, and retirement benefit administrators. A sample of 128 was drawn using purposive and simple random sampling. Questionnaires and pension fund financial statements served as instruments. Data were analyzed using regression analysis and content analysis. Findings revealed that the accuracy of contribution records, timeliness of benefit processing, and quality of pension fund financial reporting were the primary determinants of retirement benefit adequacy. Gaps in accounting records were significantly linked to payment disputes and delays. The study concluded that weak pension fund accounting undermines the timely and accurate delivery of retirement benefits in the state. It was recommended that the Ebonyi State Pension Commission should upgrade its pension management software and mandate annual actuarial valuations to ensure benefit adequacy.

Keywords: Pension fund accounting, retirement benefits, stewardship theory, contributory pension scheme, Ebonyi State