Retirees and Pension Scheme in Nigeria: Some Socio-Ethical Implications

Life after retirement is to some people the most dreaded period of their life because of the uncertainty that surrounds it. Even with proper planning by way of contributory pension scheme during one’s active period in service, the uncertainty of both the political and economic policies in the country makes the future of pensioners and the aged very bleak and unpredictable. The delay in payment and the administrative bottle neck creates an atmosphere of fear and insecurity physically, psychologically, economically, socially and emotionally among most employees in Nigeria. Their fear is justified by the incessant corruption scam that has bedeviled the pension scheme in Nigeria over the years. The paper investigated Some Socio-Ethical Implications of Corruption on Retirees, using the management of the Pension Scheme in Nigeria as a case study. The study discovered the multiple negative effect of corruption on retirees to include frustration, depression and poverty that has led to untimely death of many pensioners who gave their all to the nation and were neglected and abandoned after retirement. Many died because their gratuities were not paid; even their monthly pensions that they depended so much on were scarcely paid on time. Some of their adult children who would have taken care of them are unemployed, some are married and taking care of their own families and their responsibility does not allow them take care of their parents as it was in the African traditional setting. The study recommended that the appointment of pension manager should be apolitical and that persons of credible, impeccable and uncompromising track record of honesty and sincerity be appointed as pension manager to reduce the plight of the aged in Nigeria.