Pension is the regular sum of money from the state
or a former employer after employee’s retirement from service, having put in
for a period of 35 years or having attained the mandatory age of 60 years or as
a result of disablement or illness.
Pension may be monthly bimonthly or quarterly.
Pension falls into financial services, other
financial services include banks, (loans and credit) mortgages, development
houses, discount houses, etc. the list can be endless.
There are about characteristics of services,
according to Anyanwu (1993), they are as follow:
They are intangible
They are simultaneously produced and consumed
Distinct channel of distribution
Heterogeneous in nature
Lack of inventory
These characteristics of services according to
Anyanwu (1993:181) implies that services varies in relation to the supplier,
and I will add that even within a supplier, it varies from branches to the
other. Continuing he stated that it is very difficult to standardize services
due to the elements involved.
Services cannot be stored and as such it is
perishable. The way and manner Mr. A attend and deliver his speech or selling
points to a customer may be different from Mr. B.
The
varying nature is what creates difficult coupled with the human nature
that varies from individual to individual makes it exceedingly difficult
to quantify the service delivery of the pension fund administrator.
Culled from reginaldodunze.blogspot.com
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