FACTORS THAT DETERMINE PENSION FUND ADMINISTRATORS IN NIGERIA

ABSTRACT

This study examined factors determining the selection of pension fund administrators in Benin City, Edo State. The study raised five specific objectives to guide towards the actualization of the study’s overall objective. Data were primarily sourced through online questionnaire, and a total of thirty-five (35) questionnaire were found usable for the empirical analysis. The descriptive (frequency, mean and percentage) and inferential statistics (regression) were adopted for the study’s analysis. It was revealed that: there is a significant relationship between historical performance of a PFA and its selection by contributors; there is a significant positive relationship between the reputation of a PFA and its selection by contributors; PFA’s administrative charges has a significant relationship with its selection by contributors; the level of transparency of a PFA does not have a significant relationship with its selection by contributors; and the accessibility of a PFA has a significant relationship with its selection by contributors. Based on these findings, it was recommended that: it is crucial for PFAs to focus on consistently delivering strong returns on investments; it is imperative for PFAs to invest in building and safeguarding their reputations; PFAs carefully evaluate and possibly reduce their charges to remain competitive in the market; it is still essential for PFAs to prioritize transparency; and PFAs should invest in user-friendly digital platforms and customer service channels to make it easy for contributors to access their services and information.