Customer Perception and Satisfaction in Pension Fund Services.

Abstract

This research explored the relationship between consumer perception characteristics (perceived quality, perceived value and perceived risk) and customer satisfaction in retirement fund services with the NSSF Headquarters in Dar es Salaam Tanzania as a case. This study employed a quantitative correlational design methodology which was selected as a result of continual concerns over unfair service delivery, waiting and lack of openness. Data were collected from 169 respondents using structured questionnaires and analyzed by using SPSS. Multiple regression analysis, Pearson’s correlation, reliability test and descriptive statistics were performed. "The results revealed that consumer satisfaction was greatly and negatively influenced by perceived risk, but positively influenced by perceived quality and perceived value." The regression model demonstrated strong predictive power, explaining 78.5% of the variance in customer satisfaction. These findings confirm relevance of the Service Quality Theory and CPV Theory in a public pension context. Improvement of risk reduction, service reliability and transparency lead to enhancement of institutional loyalty and customer satisfaction to a large extent." The study ends with recommendations for policy-makers and the NSSF management on how to enhance customer participation, service delivery, and system viability in Tanzania’s pension scheme.