Clearly, it is much less in Africa and particularly in Nigeria, yet the government had been found wanting in the payment of the DBPS which was even lagging behind inflation rate and the five yearly review period (Nigeria, 1999: s.
It was clear that the ambiguous language was a pointer to the precarious nature of pension matter in the DBPS.
The advantage in DBPS in which there is income redistribution from the rich to the poor has now been reduced for the poor and instead increased for the rich.
But in the DBPS there was delay in the payment of gratuity, during which time a retiree processed his clearance.
All the above challenges have culminated in what we have described as a preference by our respondents for the DBPS than CPS as shown in figure 5
45% of the respondents in figure 5 prefer the DBPS, while 34% of the respondents prefer the CPS.
One offensive feature in the 2004 CPS Act is the fact that the retirees' monthly percentage pension is lower than the percentage pension that retirees in the DBPS receive.
Participation--Our discussion and analysis of respondents' opinions to one of our questions shows that the Nigerian workers prefer the DBPS to CPS.
If the government can pay 80% of workers salary while in service as pension to DBPS retirees, it is illogical for retirees who contributed to their pension funds to receive less than their FFDBPS counterparts.
The inadequate CPS benefits (statutory 50% of monthly emoluments which is far less than that in practice) about one quarter in relation to the DBPS benefits (80% of monthly emoluments) should not in any be jeopardized.
The reasons for Nigerian workers' preference for the DBPS may not be unconnected with inadequate information at their disposal, the fact of their noninvolvement in the decision processes leading to the establishment of the scheme, (see figure 2) and the immediate monetary value that they are denied by their contribution of a part of their salaries to pension fund.