The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region

Sebera Fulgence; Elias Adolf Tarimo

doi:doi:10.11648/j.ss.20221102.17

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The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region

Sebera Fulgence, Elias Adolf Tarimo

Published in Social Sciences (Volume 11, Issue 2)

Received: 24 March 2022 Accepted: 11 April 2022 Published: 20 April 2022

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Abstract

Prior to merging pension schemes in the year 2018, there were a total of five recognized pension schemes in Tanzania. This paper investigated the impact of merging pension funds on the provision of retirement benefits in Tanzania. Specifically this paper intends to examine the impact of merging membership contributions on the provision of retirement benefits in Tanzania. A survey research design was deployed. Total of 100 retirees of Public Service Social Security Fund (PSSSF) retired from 2018 onwards in Dar es Salaam Region were involved. Non-probability sampling technique was deployed and the required sample was selected using purposive and convenience sampling methods. The obtained data was analysed quantitatively using descriptive statistics and Pearson’s correlation analysis. Overall results of this study showed that merging membership contributions, has positive and significant impact on the provision of retirement benefits (r= 0.311 respectively at 0.05 significant level). The study concludes that, the decision to merge four public pension fund; Local Authority Pension Fund (LAPF), Parastatal Pension Fund (PPF), Government Employees Provident Fund (GEPF) and Public Service Pension Fund (PSPF) to form Public Service Social Security Fund (PSSSF) has significant impact on the provision of retirement benefits to retirees in Tanzania. In order to ensure that merging the pension funds improves provision of the retirement benefits, the Government through PSSSF management should take measures such as increase sense of care of the pension contributions to employees of the PSSSF and by strengthening internal control systems.

Published in	Social Sciences (Volume 11, Issue 2)
DOI	10.11648/j.ss.20221102.17
Page(s)	103-109
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Merging Pensions Funds, Retirement Benefits, Membership Contribution

References

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[2]	Semango, D. (2015). Assessment of the social and economic impact of social security funds on pensioners and the funds performances in Tanzania. Master degree dissertation (Unpublished). Mzumbe University.
[3]	Plamondon, P., Drouin, A., Binet, G., et al. (2002). “Actuarial practice in social security”: Quantitative Methods in Social Protection Series Geneva, International Labour Office/International Social Security Association. ILO Publication.
[4]	Mwakisisile, A. and Larsson, T. (2021). Analysis of reform option for the Tanzanian pension system. Tanzanian Journal of Science, Vol. 47, No. 1, p. 354-365.
[5]	Breakthrough Attorneys (2017). Tanzania social security law update: the government introduces a bill for merger of existing social security schemes in Tanzania.
[6]	Maduga, F. C. (2015). Public communication and social security delivery in Tanzania. PhD Thesis (Unpublished). University of West London.
[7]	World Bank Group (2019). “Pension systems in East Africa”, A deep Dive.
[8]	The United Republic of Tanzania. (2018). The Public Service Social Security Fund. Dar es Salaam: United Republic of Tanzania.
[9]	Kotler, P., and Keller, K. L. (2012). “Marketing Management”. Pearson Education, Inc., publishing as Prentice Hall. Upper Saddle River, New Jersey.
[10]	OECD. (2013). Recent pension reform and their distributional impact: Pension at a glance 2013 OECD and G20 indicators.
[11]	Yin, R. K. (2017). Case study research: Design and methods (7th Ed.). London, UK.
[12]	Zeithmal, V; Parasuraman, A; Berry, L; (1990) Delivery Quality of the Service; Balancing Customers Perceptions and Expectations: New York Free Press (P).
[13]	Wu, M (2003). SPSS Statistical Applications Practice - Questionnaire Analysis and Applied Statistics. Beijing, Science Press.
[14]	Mlay, E. (2020). Effect Of Social Security Merging On Employee Performance In Tanzania: The Case Of Public Service Social Security Fund (PSSSF), A Dissertation Submitted in Partial Fulfilment of the Requirements for Award of the Degree of Master of Business Administration in Corporate Management (MBA-CM) of Mzumbe University.
[15]	Masanja, N. M. (2019). Major Taxation Challenges facing Provision of Social Benefits in Tanzania. (Unpublished). University of Arusha, Tanzania.
[16]	Dennis, M. (2020). The Contribution Of Social Security Merger On Improving The Performance Of Public Service Social Security Fund. A Dissertation Submitted in Partial Fulfillment of the Requirements for Award of the Degree of Master of Business Administration in Corporate Management (MBA-CM) of Mzumbe University.
[17]	Subrarao, O and Ahmed, Z. (2017). Mergers and acquisitions: Effect on financial performance of manufacturing companies of Pakistan. Middle-East Journal of Scientific Research, 21 (4): 689-699.
[18]	International Labour Organization. (2019) Mapping social security coverage. The World Social Security Report 2018/2019, Geneva.
[19]	NBS 2018 Kitabu cha Hali ya Uchumi wa Taifa kwa Mwaka 2018. Tanzania National Bureau of Statistics.
[20]	Andongwisye J, Larsson T, Singull M, and Mushi A 2017 Projecting Tanzania pension fund system. Afr. J. Appl. Stat. 4: 193-218.
[21]	Ahmed, S. (2018) Life Improvement on Retired Civil Servant in Tanzania: An Analysis of Social Security Policy in Tanzania. International Journal of New Technology and Research, Vol. 4, No. 1, pp. 83-89.
[22]	URT [United Republic of Tanzania] (2017). National Social Security Fund. Government Printers, Tanzania.

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APA Style

Sebera Fulgence, Elias Adolf Tarimo. (2022). The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region. Social Sciences, 11(2), 103-109. https://doi.org/10.11648/j.ss.20221102.17

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ACS Style

Sebera Fulgence; Elias Adolf Tarimo. The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region. Soc. Sci. 2022, 11(2), 103-109. doi: 10.11648/j.ss.20221102.17

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AMA Style

Sebera Fulgence, Elias Adolf Tarimo. The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region. Soc Sci. 2022;11(2):103-109. doi: 10.11648/j.ss.20221102.17

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@article{10.11648/j.ss.20221102.17,
  author = {Sebera Fulgence and Elias Adolf Tarimo},
  title = {The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region},
  journal = {Social Sciences},
  volume = {11},
  number = {2},
  pages = {103-109},
  doi = {10.11648/j.ss.20221102.17},
  url = {https://doi.org/10.11648/j.ss.20221102.17},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ss.20221102.17},
  abstract = {Prior to merging pension schemes in the year 2018, there were a total of five recognized pension schemes in Tanzania. This paper investigated the impact of merging pension funds on the provision of retirement benefits in Tanzania. Specifically this paper intends to examine the impact of merging membership contributions on the provision of retirement benefits in Tanzania. A survey research design was deployed. Total of 100 retirees of Public Service Social Security Fund (PSSSF) retired from 2018 onwards in Dar es Salaam Region were involved. Non-probability sampling technique was deployed and the required sample was selected using purposive and convenience sampling methods. The obtained data was analysed quantitatively using descriptive statistics and Pearson’s correlation analysis. Overall results of this study showed that merging membership contributions, has positive and significant impact on the provision of retirement benefits (r= 0.311 respectively at 0.05 significant level). The study concludes that, the decision to merge four public pension fund; Local Authority Pension Fund (LAPF), Parastatal Pension Fund (PPF), Government Employees Provident Fund (GEPF) and Public Service Pension Fund (PSPF) to form Public Service Social Security Fund (PSSSF) has significant impact on the provision of retirement benefits to retirees in Tanzania. In order to ensure that merging the pension funds improves provision of the retirement benefits, the Government through PSSSF management should take measures such as increase sense of care of the pension contributions to employees of the PSSSF and by strengthening internal control systems.},
 year = {2022}
}

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TY  - JOUR
T1  - The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region
AU  - Sebera Fulgence
AU  - Elias Adolf Tarimo
Y1  - 2022/04/20
PY  - 2022
N1  - https://doi.org/10.11648/j.ss.20221102.17
DO  - 10.11648/j.ss.20221102.17
T2  - Social Sciences
JF  - Social Sciences
JO  - Social Sciences
SP  - 103
EP  - 109
PB  - Science Publishing Group
SN  - 2326-988X
UR  - https://doi.org/10.11648/j.ss.20221102.17
AB  - Prior to merging pension schemes in the year 2018, there were a total of five recognized pension schemes in Tanzania. This paper investigated the impact of merging pension funds on the provision of retirement benefits in Tanzania. Specifically this paper intends to examine the impact of merging membership contributions on the provision of retirement benefits in Tanzania. A survey research design was deployed. Total of 100 retirees of Public Service Social Security Fund (PSSSF) retired from 2018 onwards in Dar es Salaam Region were involved. Non-probability sampling technique was deployed and the required sample was selected using purposive and convenience sampling methods. The obtained data was analysed quantitatively using descriptive statistics and Pearson’s correlation analysis. Overall results of this study showed that merging membership contributions, has positive and significant impact on the provision of retirement benefits (r= 0.311 respectively at 0.05 significant level). The study concludes that, the decision to merge four public pension fund; Local Authority Pension Fund (LAPF), Parastatal Pension Fund (PPF), Government Employees Provident Fund (GEPF) and Public Service Pension Fund (PSPF) to form Public Service Social Security Fund (PSSSF) has significant impact on the provision of retirement benefits to retirees in Tanzania. In order to ensure that merging the pension funds improves provision of the retirement benefits, the Government through PSSSF management should take measures such as increase sense of care of the pension contributions to employees of the PSSSF and by strengthening internal control systems.
VL  - 11
IS  - 2
ER  -

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Author Information

Sebera Fulgence

Department of Business Management, Institute of Accountancy Arusha, Dar es Ssalaam, Tanzania
Elias Adolf Tarimo

Department of Business Management, Institute of Accountancy Arusha, Dar es Ssalaam, Tanzania

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APA Style

Sebera Fulgence, Elias Adolf Tarimo. (2022). The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region. Social Sciences, 11(2), 103-109. https://doi.org/10.11648/j.ss.20221102.17

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ACS Style

Sebera Fulgence; Elias Adolf Tarimo. The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region. Soc. Sci. 2022, 11(2), 103-109. doi: 10.11648/j.ss.20221102.17

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AMA Style

Sebera Fulgence, Elias Adolf Tarimo. The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region. Soc Sci. 2022;11(2):103-109. doi: 10.11648/j.ss.20221102.17

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@article{10.11648/j.ss.20221102.17,
  author = {Sebera Fulgence and Elias Adolf Tarimo},
  title = {The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region},
  journal = {Social Sciences},
  volume = {11},
  number = {2},
  pages = {103-109},
  doi = {10.11648/j.ss.20221102.17},
  url = {https://doi.org/10.11648/j.ss.20221102.17},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ss.20221102.17},
  abstract = {Prior to merging pension schemes in the year 2018, there were a total of five recognized pension schemes in Tanzania. This paper investigated the impact of merging pension funds on the provision of retirement benefits in Tanzania. Specifically this paper intends to examine the impact of merging membership contributions on the provision of retirement benefits in Tanzania. A survey research design was deployed. Total of 100 retirees of Public Service Social Security Fund (PSSSF) retired from 2018 onwards in Dar es Salaam Region were involved. Non-probability sampling technique was deployed and the required sample was selected using purposive and convenience sampling methods. The obtained data was analysed quantitatively using descriptive statistics and Pearson’s correlation analysis. Overall results of this study showed that merging membership contributions, has positive and significant impact on the provision of retirement benefits (r= 0.311 respectively at 0.05 significant level). The study concludes that, the decision to merge four public pension fund; Local Authority Pension Fund (LAPF), Parastatal Pension Fund (PPF), Government Employees Provident Fund (GEPF) and Public Service Pension Fund (PSPF) to form Public Service Social Security Fund (PSSSF) has significant impact on the provision of retirement benefits to retirees in Tanzania. In order to ensure that merging the pension funds improves provision of the retirement benefits, the Government through PSSSF management should take measures such as increase sense of care of the pension contributions to employees of the PSSSF and by strengthening internal control systems.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region
AU  - Sebera Fulgence
AU  - Elias Adolf Tarimo
Y1  - 2022/04/20
PY  - 2022
N1  - https://doi.org/10.11648/j.ss.20221102.17
DO  - 10.11648/j.ss.20221102.17
T2  - Social Sciences
JF  - Social Sciences
JO  - Social Sciences
SP  - 103
EP  - 109
PB  - Science Publishing Group
SN  - 2326-988X
UR  - https://doi.org/10.11648/j.ss.20221102.17
AB  - Prior to merging pension schemes in the year 2018, there were a total of five recognized pension schemes in Tanzania. This paper investigated the impact of merging pension funds on the provision of retirement benefits in Tanzania. Specifically this paper intends to examine the impact of merging membership contributions on the provision of retirement benefits in Tanzania. A survey research design was deployed. Total of 100 retirees of Public Service Social Security Fund (PSSSF) retired from 2018 onwards in Dar es Salaam Region were involved. Non-probability sampling technique was deployed and the required sample was selected using purposive and convenience sampling methods. The obtained data was analysed quantitatively using descriptive statistics and Pearson’s correlation analysis. Overall results of this study showed that merging membership contributions, has positive and significant impact on the provision of retirement benefits (r= 0.311 respectively at 0.05 significant level). The study concludes that, the decision to merge four public pension fund; Local Authority Pension Fund (LAPF), Parastatal Pension Fund (PPF), Government Employees Provident Fund (GEPF) and Public Service Pension Fund (PSPF) to form Public Service Social Security Fund (PSSSF) has significant impact on the provision of retirement benefits to retirees in Tanzania. In order to ensure that merging the pension funds improves provision of the retirement benefits, the Government through PSSSF management should take measures such as increase sense of care of the pension contributions to employees of the PSSSF and by strengthening internal control systems.
VL  - 11
IS  - 2
ER  -

Copy | Download