Effects of Federated Pension Scheme on the Welfare of Pensioners in the Gambia

Abstract

The study investigated Security and Housing Finance Corporation (SSHFC) as a service provider and the welfare of pensioners in The Gambia. This was with the view to determining the effect of Federated Pension Scheme (FPS) at SSHFC on the welfare of pensioners in the country. Both primary and secondary data were used for the study. Primary data were collected through questionnaire administration and policy documents. The population of the study was 3383 respondents which comprised pensioners and administrative staff who were responsible for managing pensions at SSHFC. Using proportionate-to-size sampling technique, a sample size of 345 respondents was selected and contacted for questionnaire administration. Descriptive and inferential statistics were used to analyse the data obtained from the questionnaire while content analysis was used to analyse the documentary data. The findings revealed that the regulatory frameworks for SSHFC i.e., FPS, lacks the necessary components such as Project 59, and a provision to review the computation formula to ensure adequate pensioners’ welfare from SSHFC. Also, the findings revealed that there is a significant relationship between the welfare of pensioners and the Federated Pension Scheme services provided by SSHFC in The Gambia. The study concludes that FPS has a positive effect on the welfare of pensioners in country.