Old-age poverty is as old as the human race, yet to this day, the fight against this beast rages. The fight against old-age poverty is certain, and so is the need to provide retirement income. The stakeholders of the University of Zambia (UNZA), Copperbelt University (CBU) and Mulungushi University (MU), particularly the government, expressed sustainability and affordability concerns over the existing pension systems in the three public universities. Eventually, the government directed the institutions to undertake pension reform to abolish second pillar plans. The study aimed to evaluate the adequacy, affordability and sustainability of pension systems at UNZA, CBU and MU. The study adopted a quantitative approach in which adequacy, affordability and sustainability indicators of the pension system were assessed considering data recorded within the last ten years. Survey questionnaires were used to gather data from 360 respondents. Data were analysed using SPSS Pearson correlations to evaluate the relationships between variables and sensitivity analysis techniques. Quantitative information was gathered from the financial statements of the universities over a ten-year horizon. The results indicate that the pension systems are adequate at the Zambian HDI of 64 but inadequate at the Sub-Saharan HDI of 69. On the other hand, affordability and sustainability performance indicators highlighted the financial stress the existing pension systems exert on the financial position of the three institutions. The pension liabilities grew by an annual average of 41% for UNZA, 19% for CBU and 35% for MU. In addition, the gearing ratios stood at 265% for UNZA, 248% CBU and 81% MU. Pension liabilities expressed as a proportion of current assets; the ratios stood at 841% for UNZA, 336% for CBU and 25% for MU. The liquidity indicators demonstrate the financial challenges the universities How to cite this paper:
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