Abstract
This study examines the relationship between preretirement
pension planning and life insurance purchase with its empirical
findings from retired civil servants in Southwestern, Nigeria.
The descriptive research design is employed. We used
purposive sampling technique. A structured questionnaire was
used to collect data. 387 respondents were drawn from three
Local Government Council Areas from each state. The major
statistical technique employed in this study was the
Kolmogorov-Smirnov Test. Two hypothetical statements were
tested. Results show that preretirement pension education has
not encouraged the purchase of life annuity among retired civil
servants in Nigeria and life annuity insurance has not been fully
subscribed to among retired civil servants in Nigeria. Further,
retired civil servants have not seen annuity as an investment
vehicle. The study recommends that more stringent efforts
should be made by insurance practitioners to collaborate with
government and other private employers by creating awareness
on annuity as the best financing vehicle for retirees to earn
gradual income. The regulatory authorities should throw their
weight at monitoring any fraudulent activities that may emerge
in the retirement risk management process by creating a more
reliable data management system that has the capacity to
capture any fraudulent attempt or committed fraudulent
activities in the Nigerian insurance industry. This research work
contributes to knowledge in that it awakes Pension Fund
Managers and Insurance Risk Managers to be alive to their
responsibilities in ensuring that loopholes in the retirement
annuity plans are tackled.
Ajemunigbohun Sunday Stephen, Alli Noah Gbenga, Ganiyu Kamal. (2018) Pre-Retirement Pension Planning and Life Insurance Purchase among Retired Civil Servants in SouthWestern, Nigeria, Paradigms , Vol 12, Issue 1.
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