Pension Fund Administration in Nigeria can be broken into two periods namely pre-2004 era and the new era beginning form July, 2004.
The purpose of a pension scheme is to provide the employees of an organization with a means of securing on retirement, a standard of living reasonably consistent with that they enjoyed while in service. In effect, it is the totality of plans, procedures and legal processes of securing and setting aside funds to meet the social obligations of care which employers owe their employees on retirement or in case of death. Thus, Pension Fund Administration is geared towards meeting the objective stated above. A well administered scheme will therefore serve as an incentive to new employees and helps to hold back experienced staff.