CHAPTER ONE INTRODUCTION 1.1       BACKGROUND TO THE STUDY Pension generally is a way of catering for the welfare of retirees. It is a periodic income or annuity payment made at or after retirement to employees who has become eligible for benefits through age, earnings and service.According to Alo (2004), many countries of the world are currently grappling with pension reforms in the face of pressures from ageing populations. Series of pension administration schemes have emerged in Nigeria before and after independence. In the words of Sule and Ezugwu (2009), the exact origin of pension fund administration in Nigeria is debatable; however the history of pension in Nigeria could be traced to the prolonged battle between workers and employers of labour affirming that the victory of employees over employers marked the privilege of receiving gratuity and pension in Nigeria. The 1951 Pension Ordinance was the first legislative act on pension in Nigeria followed by the establishment of the National Provident Fund (NPF) in 1961 to cater for pension issues in the private sector. In 1979, the Pension Act No.102 was instituted and the Armed Forces Pension Act No. 103. Subsequently in 1987, the police and other government agencies pension scheme was established under Pension Act No.75 of 1987. Similarly in 1987, the Local Government Staff Pension Board was established to take care of pension matters among local government employees (Sule and Ezugwu, 2006).

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