A comparative assessment of the social and emotional wellbeing of nigerian retirees under the defined benefits and contributory pension system

Retirees’ well-being is increasingly becoming an important concern because of the multi-faceted problems associated with the pension systems of many nations. This study examined the emotional and social well-being of retirees under the Defined Benefits and Contributory Pension Systems in Nigeria. The multistage sampling techniques were adopted and 1,116 respondents (aged 60 years and above) were selected using a questionnaire instrument. Qualitative data were generated by focus group discussion (FGD) with 46 participants (aged 60 years and above) not issued with the questionnaire. The quantitative data were analysed using a statistical package for social sciences (SPSS) and the results were presented in frequency distribution tables, percentages, and cross-tabulation. The qualitative data were analysed in themes and verbatim quotes used to complement the results of the quantitative data. The findings revealed that 52.4 per cent of those in the new scheme have higher emotional well-being than 47.6 percent of respondents in the old scheme (x² = 19.23, df = 1, p <.005). The results further showed that 52.8 percent of respondents in the new pension system have higher social well-being as against 47.2 percent of those in the old scheme (x² = 1 0.55, df = 1, p <.005). The study, therefore, recommended among others, the strengthening of the new pension system, review of the verification system of the senior citizens, and making the pension entitlement 100per cent of what the individual was collecting during the working years.