Cardozo International & Comparative Law Review
Abstract
Pensions are regarded as a form ofsocial security in any economy because of the attendant benefits which an employee is entitled to upon retirement and as a form of lfe savings. Over the past three decades, reforms of pension schemes and the pension industry by the Nigerian government has been fraught with criticisms, particularly with regards to poor implementation ofpension schemes and lacklustre legislation. The current 2014 Pension Reform Act contains specific innovations which attempt to address the problems inherent in previous legislations, particularly with regards to sanctions and compliance measures. This paper analyzes pension schemes in Chile, highlighting the innovations of its pension system. It discusses the pension systems in Nigeria since 1990, which led to Nigeria's adoption of the Chilean pension model. It examines the intricacies of the Chilean pension system against the backdrop of the Nigerian one, and analyzes compliance mechanisms under the 2014 Act. The paper concludes with proposals to strengthen the pension industry in Nigeria.
Disciplines
Comparative and Foreign Law | International Law | Law
Recommended Citation
Irekpitan Okukpon,
Analyzing Pension Reforms in Nigeria: 14 Years After the Chilean Model,
1
Cardozo Int’l & Compar. L. Rev.
451
(2018).
Available at:
https://larc.cardozo.yu.edu/ciclr/vol1/iss3/3