Hossea, Edger
(2018)
Factors Contributing to the Increased Rates of Withdrawals Among Members from Pension Schemes: A Case of Parastatal Pension Fund in Mtwara Region.
Masters thesis, The Open University of Tanzania.
Abstract
The purpose of this study was to find out the factors, which attribute to increased withdrawals among pension scheme members from pension funds. The study was conducted Mtwara Mikindani District in Mtwara Region. A sample of 73 respondents was engaged in the study that is 53% males and 47% females. The study was guided by three specific objectives i.e. to identify whether peer influence motivates pension scheme members to withdraw their contributions, to check whether inflation is a deciding factor for members to withdraw from pension schemes and lastly to find out if the nature of employment terms affects the increased withdrawals of members‟ contributions. The study adopted an explorative design to discover the factors for increased withdrawals among pension scheme members. The study also adopted two major theories, which are social protection and social security theories. The major findings for the first objective were that peer influence did not in any way motivate members to withdraw their contributions from pension schemes. As for the second objective, the study revealed that inflation rate influences premature withdrawals among members. In the years where inflation was high, pension schemes experienced massive withdrawal claims unlike in those years where inflation was moderate. The findings for the last objective were that, there is a direct correlation between employment contracts and the withdrawal of members from pension schemes. The study recommends that there is a great need to sensitize members of the intended goal of social security. Policy makers may wish to introduce the unemployment benefit. This will remove the unbalanced relationship between members and pension funds and create harmony against the way the status is right now.
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