While the Chilean pension reform has received considerable attention, its emulation in Nigeria has not. This article is the first in-depth analysis of the Nigerian reform. It suggests that the Nigerian authorities failed to learn the lessons of Chile. They transposed a system that both failed to serve the country from which it was copied and that is inappropriate to the country to which it was copied. For countries such as Nigeria, alternative forms of provision for old age are needed. A social pension might be considered.
Abati, R. (2006) `The Transcorp Story and Poor Fola Adeola', Guardian Nigeria (6 July), accessed March 2008, http://www.nigeriavillagesquare.com/articles/reuben-abati/the-transcorp-story-and-poor-fola-a-2.html
2.
Adamu, A. (2005) `True Federalism in 21st Century Nigeria', Lecture of Governor of Nasarawa State, Lagos, 24 June.
3.
Alabadan, S. (2006) `Insurers Strategise to Operate as PFAs', The Daily Independent (16 August).
4.
Arenas de Mesa, A. and Mesa-Lago, C. (2006) `The Structural Pension Reform in Chile: Effects, Comparisons with other Latin American Reforms, and Lessons', Oxford Review of Economic Policy22(1): 49-167.
5.
Barkan, J., Gboyega, A. and Stevens, M. (2002) `Nigeria: State and Local Governance in Nigeria' , World Bank, AFTPR, Africa Region, July 23, Report No. 24477-UNI.
6.
Barrientos, A. (1998) Pension Reform in Latin America. Aldershot: Ashgate.
7.
Casey, B. (2004) `Pension Reform in the Baltic States: Convergence with "Europe" or "the World"?', International Social Security Review57(1): 19-45.
8.
Casey, B. (2005) `Reforming Pensions: The OMC and Mutual Learning in an Enlarged Europe', in E. Palola and A. Savio (eds) Redefining the Social Dimension in an Enlarged EU. Helsinki: STAKES and The Ministry of Social Affairs and Health.
9.
Casey, B. and Gold, M. (2005) `Peer Review of Labour Market Programmes in the European Union: What Can Countries Really Learn from One Another?', Journal of European Public Policy12(1): 23-43.
10.
Dostal, J.M. (2004) `Campaigning on Expertise: How the OECD Framed EU Welfare and Labour Market Policies - and Why Success Could Trigger Failure' , Journal of European Public Policy11(3): 440-60.
11.
Gill, I., Packard, T. and Yermo, J. (2005) Keeping the Promise of Social Security in Latin America. Palo Alto, CA: Stanford University Press and World Bank.
12.
Gobierno de Chile (2006) `Reforma Previsional: Proteccion Para La Vejez En El Nuevo Milenio', accessed 10 January 2007, http://www.gobiernodechile.cl/noticias/detalle.asp?idarticulo=4543
13.
Government of Nigeria (2004) Meeting Everyone's Needs: National Economic Empowerment and Development Strategy . Abuja: Nigerian National Planning Commission.
14.
Gruber, J. (1997) `The Incidence of Payroll Taxation: Evidence from Chile', Journal of Labor Economics15(3): 72-101.
15.
Herskovits, J. (2007) `Nigeria's Rigged Democracy', Foreign Affairs86(4): 115-30.
16.
Holzmann, R. and Hinz, R. (2005) Old-Age Income Support in the Twenty-First Century: An International Perspective on Pension Systems and Reform. Washington, DC: World Bank.
17.
International Labour Organisation (ILO) (2006 ) `Nigeria: Report to the Government: Actuarial Assessment of NSITF Accrued Liabilities Under the New Pension Scheme' (Technical Cooperation Reports ILO/TF/Nigeria/R.19).
18.
International Monetary Fund (IMF) (1999) Supporting Nigeria's Recovery: An IMF Perspective - Address by Michel Camdessus . Washington, DC: IMF .
19.
International Monetary Fund (IMF) (2000) Nigeria Letter of Intent and Memorandum on Economic and Financial Policies of the Federal Government for 2000. Washington, DC: IMF.
20.
International Monetary Fund (IMF) (2005a) `Pension Reform in Nigeria', in Nigeria: Selected Issues and Statistical Appendix (IMF Country Report No. 05/303). Washington, DC : IMF.
21.
International Monetary Fund (IMF) (2005b) `Addressing the Long Run Shortfalls of the Chilean Pension System', in Chile: Selected Issues (IMF Country Report No. 05/316). Washington, DC: IMF.
22.
International Monetary Fund (IMF) (2005c) Nigeria: 2004 Semi-Annual Staff Report Under Intensified Surveillance (IMF Country Report No. 05/37). Washington, DC: IMF.
23.
International Monetary Fund (IMF) (2005d) `Reforms for Private Sector-Led Growth', in Nigeria: Selected Issues and Statistical Appendix (IMF Country Report No. 05/303). Washington, DC: IMF.
24.
International Monetary Fund (IMF) (2006) Nigeria: First Review Under the Policy Support Instrument (IMF Country Report No. 06/180). Washington, DC: IMF .
25.
Johnson, J. and Williamson, J. (2006) `Do Universal Non-Contributory Old-Age Pensions Make Sense for Rural Areas in Low-Income Countries?', International Social Security Review59(4): 47-65.
26.
Komolafe, F. (2006) `States, LGs Adopt New Pension Scheme', Vanguard (Lagos) (9 August).
27.
Matijascic, M. and Kay, S. (2006) `Social Security at the Crossroads: Toward Effective Pension Reform in Latin America', International Social Security Review59(1): 3-26.
28.
Mesa-Lago, C. (1989) Ascent to Bankruptcy: Financing Social Security . Pittsburgh, PA: University of Pittsburgh Press.
29.
Mesa-Lago, C. (1994) Changing Social Security in Latin America: Toward Alleviating the Social Costs of Economic Reform. Boulder, CO: Lynne Rienner.
30.
Mesa-Lago, C. (2005) `Assessing the World Bank Report: Keeping the Promise' , International Social Security Review58(2-3): 97-117.
31.
Milliman (2002) `Leaving Service Benefits in Nigeria', Milliman Global Employee Benefits (November): 8-10.
32.
Müller, K. (1999) The Political Economy of Pension Reform in Central-Eastern Europe. Cheltenham and Northampton, MA: Edward Elgar.
33.
Orenstein, M. (2003) `Mapping the Diffusion of Pension Innovation', in R. Holzmann, M. Orenstein and M. Rutkowski (eds) Pension Reform in Europe (pp. 171-93). Washington, DC: World Bank.
34.
Organisation for Economic Co-operation and Development (OECD) (2006) `OECD Guidelines on Pension Fund Asset Management', 26 January. Paris: OECD.
35.
Orzag, P. and Stiglitz, J. (2001) `Rethinking Pension Reform: Ten Myths about Social Security Systems', in R. Holzmann and J. Stiglitz (eds) New Ideas About Old Age Security. Washington, DC: World Bank.
36.
Oshinowo, O. (2003) `How not to Formulate Public Policy', accessed 27 November 2006, http://www.thisdayonline.com
37.
Oshionebe, B. (2004) `Governance, Transparency and Due Process in Contemporary Nigeria', in M. Obadan, A. Fajingbes, I. Bello-Iman and A. Adubi (eds) Perspectives on National Economic Management and Administration in Nigeria . Ibadan: NCEMA.
38.
Palacios, R. and Sluchynsky, O. (2006) `The Role of Social Pensions', Draft, March. Washington, DC: World Bank.
39.
PenCom (2004) `The Strategic Implications of the New Pension Reform Act and its Benefits to Stakeholders', accessed 27 November 2006, http://www.pencom.gov.ng/download/speeches/SpeechStrategicImplications.pdf
40.
Pension Reform Act (2004), accessed 30 December 2006, http://www.pencom.gov.ng/download/Nigeria-PensionReformAct2004.pdf
41.
Pension Subcommittee (1997) `Pension, Savings and Social Security', in Report of the Vision 2010 Committee, Vol. 2, Book 3. Government of Nigeria.
42.
Pensions Commission (2005) A New Pension Settlement for the Twenty-First Century: The Second Report of the Pensions Commission, accessed 30 December 2006, http://www.pensionscommission.org.uk/publications/2005/annrep/mainreport.pdf
43.
Queisser, M. (1998) `Regulation and Supervision of Pension Funds: Principles and Practices', International Social Security Review51(2): 39-55.
44.
Riesco, M. (2004) Private Pensions in Chile, a Quarter Century On . Santiago: Centro de Estudios Nacionales de Desarrollo Alternativo.
45.
Safp (2003) The Chilean Pension System. Santiago: Superintendencia de Administradoras de Fondos de Pensiones.
TMCnet (2005) `Fola Adeola Named Transcorp Gmd', (9 December), accessed on 27 November 2006, http://www.tmcnet.com/usubmit/2005/dec/1219185.htm
48.
Weyland, K. (ed.) (2004) Learning from Foreign Models in Latin American Policy Reform. Washington, DC: Woodrow Wilson Center Press.
49.
Weyland, K. (2005) `Theories of Policy Diffusion: Lessons from Latin American Pension Reform', World Politics57(2): 262-95.
50.
White, D. (2006) `Accountability: So, Where is the Missing $400bn?', Financial Times (15 May), http://search.ft.com/ftArticle?queryText=Accountability%3A+So%2C +where+is+the+missing+&y=8&aje=true&x=18&id=060515005870&ct=0
51.
World Bank (2004) Project Appraisal Document on a Proposed Credit to the Federal Republic of Nigeria for an Economic Reform and Governance Project (Report No: 30383-NG). Washington, DC: World Bank.
52.
World Bank (2005) Pension Reform and the Development of Pension Systems: An Evaluation of World Bank Assistance . Washington, DC: World Bank.
53.
Yermo, J. (2004) Pension Reform and Capital Market Development: Background Paper for Regional Study on Social Security Reform. Washington, DC: World Bank.
54.
Zeitlin, J. and Pochet, P. (eds) (2005) The Open Method of Co-ordination in Action. The European Employment and Social Inclusion Strategies. Brussels: Peter Lang.
