The New Contributory Pension Scheme Administration and Prompt and Regular Payment of Pensioners in

Pension presidency has been a repeating problem in the Nigeria public service because independence in 1960. The need to have a tenable pension structure necessitated the introduction of the Pension Reform Act 2004.The establishment of the scheme has produce intellectual debate amongst scientist, experts and stake holders, about the meaning, efficacy and sustainability of the blueprint, as regards the prompt and routine payment of pension benefit as particularized by the goals of the scheme. The broad goals of this study search out examine the challenges associated with presidency of the contributory reward’s scheme in Nigeria, having to do with the prompt and regular payment of allowance to retirees. The specific of the blueprint are to test the prompt and regular payment of grant; and to determine the level of knowledge of the retirees about pension process. Simple portion was used in analyzing dossier. The result revealed that, retirees repeatedly faced the dreary challenge of delayed payment of their allowance benefit, especially those accompanying accrued right, skilled are also issues of delayed weekly pension fee, due to misestimate or system error. The study revealed that the survivors of the dead retiree find it troublesome to receive their retreat benefit. The study also showed that skilled are still doubts concerning the volume of the retirement recovery fund, which is individual of the succors provided by the act, to guarantee the prompt and normal payment of payment. Base on the forgoing verdicts, the study suggested that accrued right concede possibility be placed on the first line charge and exempted from the burdensome envelop allocating process, including the establishment of an amassed right unit burden with the accountability of managing accrued right, between others.

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