Appraisal of Pension Fund Management and Retirement Security among Public Servants in Plateau State

The Contributory Pension Scheme introduced under the Pension Reform Act 2004 was designed to address the pension crisis afflicting Nigerian public servants, yet its implementation outcomes vary significantly across states. This study appraises the management of pension funds and its effect on retirement security among public servants in Plateau State, North Central Nigeria. A descriptive survey design was employed, and data were collected from 240 retirees and active contributors enrolled in the scheme across the Plateau State Government Service. The questionnaire measured contribution compliance, benefit awareness, fund management transparency, and perceived retirement security. Frequency tables, percentages, and Spearman rank-order correlation analysis were applied in data analysis. Findings revealed that 63% of active contributors expressed low confidence in the transparency of fund managers, and 58% of retirees reported receiving delayed monthly annuity payments. Spearman correlation confirmed a significant positive relationship between perceived fund management transparency and retirement security confidence among retirees (rho = 0.62, p < 0.01). Contribution compliance among state government employees was at 84%, which was above the national average but insufficient to guarantee adequate replacement income for most retirees. The study concludes that pension fund management quality in Plateau State requires urgent improvement in disbursement timeliness and transparency. It recommends mandatory quarterly pension benefit statements and third-party audits of pension fund administrators licensed to operate in the North Central zone. Keywords: pension fund management, contributory pension scheme, retirement security, public servants, Plateau State