PENSION FUND MANAGEMENT IN LAGOS STATE PUBLIC SERVICE: PROSPECTS AND CHALLENGES

Abstract

This paper investigates the challenges and prospects of pension fund management within the Lagos State public service. Despite the adoption of the Contributory Pension Scheme (CPS) and the enactment of the Pension Reform Act, the system remains plagued by funding inadequacies, poor record-keeping, corruption, and administrative inefficiencies. These issues have resulted in delayed pension disbursements, mistrust in pension institutions, and deteriorating welfare for retirees. The study adopts a descriptive survey research design, using both quantitative and qualitative data collected from retirees, serving public officers, and pension administrators. Findings reveal that weak enforcement mechanisms, lack of digitized systems, and inadequate institutional capacity are among the primary setbacks. However, the paper also identifies promising reform prospects, including the full digitization of pension records, investment diversification, public sensitization, and capacity building for pension personnel. By drawing on Public Choice and Institutional Theories, the paper concludes that addressing the systemic and structural gaps in pension administration is key to achieving a more efficient, transparent, and sustainable pension system in Lagos State.