The National Pension Commission (PenCom) and the Nigeria Police Force (NPF) are joining forces to improve police officers’ pensions and welfare under the Contributory Pension Scheme (CPS).
In a statement released on Thursday in Abuja, PenCom’s management announced that its Director-General, Omolola Oloworaran, paid a visit to the Inspector-General of Police, Kayode Egbetokun, to explore strategies for enhancing officers’ welfare.
Oloworaran emphasized the importance of a strong partnership between PenCom and the police to address pension-related concerns and improve retirement benefits. She explained that the CPS was introduced to fix the shortcomings of the old Defined Benefits Scheme (DBS), which was poorly funded, lacked transparency, and left many retirees struggling.
Acknowledging that some challenges remain, she assured that PenCom is working on solutions within the CPS framework. Proposed reforms include introducing a health insurance plan for retirees, increasing pensions to 75% of final salary, expanding the Retirement Resettlement Fund, and restructuring police pensions.
IGP Egbetokun expressed his commitment to meaningful collaboration to maintain public trust in the police, praising PenCom’s initiatives and reaffirming the force’s readiness to work together in resolving pension issues.