Assessment of the Optimal Withdrawal Strategies of the Nigerian Pension System

Authors

  • E.B. Bakarey Department of Insurance, University of Jos
  • Philemon Danan Ayuba Department of Insurance, University of Jos
  • I.A. Adeleke Department of Actuarial Science and Insurance, University of Lagos

Keywords:

Optimal withdrawal strategies, Nigerian pension system, annuity, programmed withdrawal, accumulated contribution, retirement plan, pension scheme

Abstract

The recent pension reforms in Nigeria adopted the defined contribution frameworks for the employees and employers of both public and private sectors. Under this scheme, the investment and longevity risks are transferred to the individual members. This study explores the optimal withdrawal strategy retiree can admit in order to maximise benefits from the Retirement Savings Account. Implications for policy and practice are discussed.

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Published

2023-07-31

Issue

Vol. 1 No. 1 (2023): July 2023 Edition

Section

Article

License

Copyright (c) 2025 International Journal of Insurance, Risk and Management Sciences

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