Analysis of Investment Decision by Nigerian Pension Fund Administrators (Pfas) (Report‪)‬

INTRODUCTION Pension reforms have become an important part of public policy across the globe and Nigeria is not an exception. The old defined benefit (DB) schemes in which the government guarantees an agreed level of retirement benefits to civil servants lost favour due to demographic trends, unfunded future liabilities, higher fiscal deficits, and lower benefits for pensioners (Amoo, 2008). These factors prompted governments to gradually replace pay as you go (PAYG) schemes with either fully or partially funded pension schemes where risks are borne by contributors to the fund rather than by the government.