Pensions in Nigeria : the performance of the new system of personal accounts
Casey, Bernard. (2011) Pensions in Nigeria : the performance of the new system of personal accounts. International Social Security Review, Vol.64 (No.1). pp. 1-14. ISSN 0020871XFull text not available from this repository.
Official URL: http://dx.doi.org/10.1111/j.1468-246X.2010.01381.x
In 2004, Nigeria copied the 1981 Chilean pension reform and established a funded system based upon personal accounts. The new system was neither appropriate for a country such as Nigeria, nor did it meet aspirations of improving pension coverage or helping economic growth. The current financial and economic crisis hit the scheme in so far as it hit stock values. However, more important has been the negative real interest rates that can be earned on government bonds and on bank deposits — where the majority of contributions are invested. Bank scandals and rising fiscal deficits do not breed confidence in the system or the government's ability to deliver meaningful benefits in old age.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HV Social pathology. Social and public welfare
|Divisions:||Faculty of Social Sciences > Institute for Employment Research|
|Library of Congress Subject Headings (LCSH):||Pensions -- Government policy -- Nigeria, Pensions -- Government policy -- Chile, Nigeria -- Economic conditions, Social security -- Government policy -- Nigeria, Social security -- Government policy -- Chile, Pension trusts -- Cross-cultural studies|
|Journal or Publication Title:||International Social Security Review|
|Publisher:||Wiley-Blackwell Publishing Ltd.|
|Official Date:||January 2011|
|Page Range:||pp. 1-14|
|Access rights to Published version:||Open Access|
|Version or Related Resource:||An earlier version of the paper was presented at the UNRISD conference on the 'Social and Political Dimensions of the Global Crisis: Implications for Developing Countries', 12-13 November 2009, Geneva, Switzerland.|
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