The opportunities and challenges of the new pension scheme for financial institutions in Nigeria (2004-2011) Department: Banking and Finance By: vicbest01 Project ID: 180 Rating: (3.1) votes: 187Rate this project12345 Price:₦1000 Get the Complete MaterialAbstractDetermined to solve the numerous problems of the hitherto unfunded defined benefits pension system in Nigeria, the federal government in June 2004 introduced a contributory pension scheme. The new pension system is to be based on individual retirement saving account managed by private financial institution. This makes it imperative to examine the opportunities and challenges presented by the new system to financial institution, task undertaken in this paper. Among opportunities, it was established that new pension system would result in increased demand for life insurance policies and annuities from insurance companies. The major challenge of the new pension system is its potential to create a yield problem in the money and capital market, as pension fund bid up stock prices in Nigeria shallow capital market and saturate the money market with liquidity at a time declining public sector borrowing requirement. The adverse implications of a prolonged yield problem in the money and capital market for pension entitlement under the new system call for urgent measures to deepen the capital market and maintain macroeconomic stability. ...Preview Download Preview +Other Banking and Finance project topics and materials you might be interested in»The role of central bank of Nigeria (CBN) in the development of Nigeria financial sector»Appraisal of the economic implication of electronic banking in Nigerian banks (A case study of diamond bank)»The impact of strategic planning on banks performance in Nigeria (A case study of united bank for Africa plc)»Evaluation of the impact of liquidity management on banks performance in Nigeria ( A case study of UBA )»The roles of central bank of Nigeria in the prevention of bank failure or liquidation (A case study of central bank of Nigeria 2005-2009)»The role of financial institutions in promoting banking habit and saving capital formation in Nigeria»The effect of electronic banking on fraud reduction in bank (A case study of access bank plc)»The effectiveness of monetary policy measures in controlling inflation in Nigeria»Problems and challenges facing finance houses in the Nigerian economy ( A case study of mortgage bank owerri )»The role of deposit money bank in Nigeria in economy development in Nigeria - a case study of Access Bank Plc»Motivation as a way of reducing fraud in banking industry ( A case study of UBA and Fidelity bank )»The impact of insurance industry on the economic growth of Nigeria (A case study of nicon and hallmark insurance companies 2005-2009)»Identification and management of bad debts in Nigeria commercial banks(A case study of UBA plc)»The contribution and effect of computer to modern day banking in Nigeria (A case study of zenith bank and first bank plc)»The use of accounting information in assessing control and performance in an organization (A case study of first bank of Nigeria owerri)