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Pension scheme had been undergoing reform in most transition economies, which is also a key component of the IMF/world Bank Structural reform programmed for developing economic. There would be a sudden change in the relation between citizens and those administering this welfare security system in term of the gains provided and its financing, due to the change in the structure of the economy in countries where the state is expected to provide welfare assistance “from cradle to grave” However, pension scheme in transition economics were used to argument and all eviate the effect of output loss on certain strata of the population and the rasied income inequality that pervaded the economies.
          In Nigeria with much emphasis on the public service of the federation using Z – Score statistical method. The project review some important provisions of the new pensions reform acts as well as well as the ICT requirement for the players in the pension management industry. The research project also review some important and relevant literatures on the topic. Moreover, in the research methodology sampling frame was discussed while the sampling techniques were seriously analysed. The methods of collecting data are (1) Primary source which  include personal interview and questionnaire method. (2)The secondary method of collecting data are through textbooks, documentary Journals, newspaper, internet and other relevant materials.
In view of the above, the descriptive and statistical methods were used because they are considered most appropriate for the study.
Based on the conclusion made it is recommended that Government should as a matter of policy make sure that those firms to be entrusted with pension fund are competent and have the dexterity to do the job without fears or favour , and their selection should not be politicized.

Title                                                                                             i
Certification                                                                                 iii
Dedication                                                                                   iv
Acknowledgements                                                                      v
Abstract                                                                                       vii Table of Contents                                                                             ix
1.0     Introduction                                                                       1
1.1     Background to the Study                                                    1
1.2     Statement of the Problem                                                   2
1.3     Objectives of the Study                                                      3
1.4     Significance of the Study                                                   3
1.5     The Research Questions/Research Hypothesis                    4
1.6     Research Methodology                                                       5
1.7     Scope and Limitation of the Study                                     6
1.8     Definition of Terms                                                           6
1.9     Organization of the Study                                                  8
          End of Chapter References                                                10
2.0           Literature Review                                                               11
2.1     Research to Current Literature                                           11
2.2     Conceptual Explanation                                                     12
2.3     Pension Project and their Assumption                                13
2.4     Critiques of the Nigeria’s New Pension Regime                 14
2.5     Objectives of the New Pension Reform Act 2004               16
2.6     Exemption from the New Pension Scheme                        16
2.7     National Pension Commission (PENCOM)                        19
2.8     How Pension Funds are to be Invested                              23
2,9     Challenges of the New Pension Scheme                             24
2.10    Conclusion                                                                        25
End of Chapter References                                                26
3.0     Research Methodology                                                       27
3.1     Research Focus                                                                  27
3.2     Research Instruments                                                         27
3.3     Restatement of Research Questions/Hypotheses                 28
3.4           Description of the Population and
Sample of the Study                                                           29
3.5     Sources of Data Collection                                                 30
3.6     Method of Data Analysis and Description of Tools of
          Analysis                                                                             30
3.7     Hypothesis Testing                                                             32
End of Chapter References                                                35
4.0     Data Analysis, Interpretation and
Discussion of Analysis                                                       35
4.1     Interpretation of Items                                                       35
4.2           Presentation Data                                                               36
4.3     Analysis of Tables                                                             39
4.4     Test of Hypotheses                                                   47
4.5     Discussion of Result                                                          54
End of Chapter References                                                56

CHAPTER FIVE          
5.0     Summary, Conclusion, Recommendations
and Suggestion for Further Studies                                    57
5.1     Summary of the Findings                                                   57
5.2     Conclusion                                                                        60
5.3     Recommendations                                                             61     
5.4     Suggestion for Further Studies                                           63
          End of Chapter References                                                64
Bibliography                                                                      65
Appendix                                                                           67
                            CHAPTER ONE
1.0     INTRODUCTION        
          Around the world, pension system occupied a strategic place. The idea of pension itself as been with man since the time of creation. As the society keep on changing , the scope ,form and content of pension itself was changing like every part of human endeavours Nigeria is not an exception when it come to the changing in the tre