The contributory pension scheme was introduced to resolve pension issues such as delay in monthly pension payment, and incapacity of some retirees to cater for their needs, both occurring as a result of the failures of the old pension scheme. However, having been implemented for 10 years (2004 - 2014), by the Pensions commission, the study tends to ascertain whether any delay still exist in pension payments, and whether the pool of saving as suggested by the contributory pension scheme is able to provide the needed livelihood for retirees, This study evaluates the contributory pension scheme to find out if the scheme has resolved the delay associated with monthly pension payment and if what retirees receive as pension are sufficient for them to cater for their needs. In doing so, we used a survey research design, wherein we randomly sampled the opinions of retired beneficiaries of the pension scheme from 2008-2014, from Seven Federal Establishments in Nigeria. The opinions of these sampled beneficiaries were collected using a questionnaire and interview. Therefore, the study finds that delay to pension payment still occurs at the time when retirees retired, and that such delay is caused by the manual approval process required to get access to retirement benefit. Also, it was found that, the pool of savings as suggested by the Contributory Pension Scheme has not been able to cater for the livelihood of many retirees in the public establishments in Nigeria. Hence we recommend that the Pension Commission should automate (software) the approval process which would greatly speed up the approval process and eliminate administrative bottle-necks resulting from multiple paper movements and points of actions (number of desks and/or offices that participate in the approval process).And the stakeholders should review the contributions to increase the volume of pension benefits to enable retirees take care of their basic needs at retirement