PenCom, police partner to boost officers’ pensions, welfare
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.
Ms Oloworaran stressed the need for stronger collaboration between PenCom and the police to address pension concerns and enhance officers’ retirement benefits.
She explained that the CPS was introduced to correct flaws in the old Defined Benefits Scheme (DBS), which was unfunded, opaque, and left many retirees in hardship.
The DG acknowledged existing challenges but said PenCom was working on solutions achievable within the CPS framework.
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.
Ms Oloworaran insisted there was no need for the police to exit the CPS, describing such a move as unnecessary and counterproductive.
She urged patience and continued dialogue as PenCom and the NPF implement the reforms.
She also called on the federal government to raise its pension contribution for police officers from 10 to 20 per cent, boosting retirement savings.
She revealed that PenCom, with the Head of the civil service of the federation, is working on a new gratuity scheme set to begin in 2026.
The scheme would grant treasury-funded federal workers one year’s total emoluments as a gratuity at retirement.
She pledged continued reforms to ensure police officers retire with dignity and financial stability.
Ms Oloworaran commended the NPF for its tireless service to the nation.
On his part, Mr Egbetokun reiterated his commitment to constructive engagement to maintain public confidence in the force.
He praised PenCom’s efforts and confirmed the police force’s readiness to collaborate in resolving pension issues.
(NAN)
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