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The National Pension Commission, PenCom, and the Nigeria Police Force, NPF, are partnering to boost police officers’ pensions and welfare under the Contributory Pension Scheme, CPS.
This is contained in a statement issued by PenCom management on Thursday in Abuja.
The Director-General of PenCom, Omolola Oloworaran, visited the Inspector-General of Police, Kayode Egbetokun, to discuss ways of improving police officers’ welfare.
Oloworaran stated that there is need to have a robust partnership between PenCom and the police to tackle pension concerns and enhance officers’ retirement benefits.
According to her, the CPS was introduced to correct flaws in the old Defined Benefits Scheme, DBS, which was unfunded, opaque, and left many retirees in hardship.
While acknowledging existing challenges, the DG stressed that PenCom was working on solutions achievable within the CPS framework.
She added that proposed reforms include a Health Insurance Scheme for retirees, raising pensions to 75 per cent of final salary, expanding the Retirement Resettlement Fund, and restructuring police pensions.
Speaking, IGP Egbetokun said he is committed to constructive engagement to maintain public confidence in the force.
He hailed PenCom’s efforts and confirmed the police force’s readiness to collaborate in resolving pension issues.
