Connect with us

Pension

PenCom Backs Major Pension Overhaul to Boost Police Retirement Benefits

Published

on

pension funds - Investors King

The National Pension Commission (PenCom) has called on the Federal Government to implement sweeping reforms to improve the retirement benefits of police officers, including doubling the government’s pension contribution rate from 10% to 20% and increasing monthly pensions to 75% of an officer’s final salary before retirement.

PenCom Director-General, Ms. Omolola Oloworaran, made the appeal during a visit to the Inspector-General of Police, Kayode Egbetokun, at Force Headquarters, Abuja.

The meeting followed recent protests by retired police officers over inadequate welfare and demands to exit the Contributory Pension Scheme (CPS).

Outlining the proposed reforms, Oloworaran said PenCom is pushing for a dedicated health insurance scheme for retirees, expansion of the Retirement Resettlement Fund, and a complete overhaul of the police pension structure to better reflect the risks and service conditions of law enforcement personnel.

“She also urged the Federal Government to raise its pension contribution for police officers from 10 to 20 per cent, which would substantially boost retirement savings,” PenCom said in a statement.

On calls for the police to withdraw from the CPS, Oloworaran maintained that such a move would be “unnecessary and counterproductive,” insisting the identified challenges can be resolved within the current framework.

She urged patience and constructive engagement as the Commission and the Nigeria Police Force work to implement the planned reforms.

Inspector-General Egbetokun commended PenCom’s efforts and pledged the Force’s cooperation in resolving pension concerns.

He acknowledged the challenges raised by officers and expressed his commitment to constructive dialogue to safeguard the confidence of serving and retired personnel.

PenCom also confirmed it is collaborating with the Head of the Civil Service of the Federation on a new Gratuity Scheme scheduled to commence in 2026.

The scheme will provide treasury-funded federal employees with one year’s total emoluments as a gratuity at retirement.

The initiative follows earlier discussions between Oloworaran and the Head of Service, Mrs. Didi Esther Walson-Jack, aimed at ensuring federal workers have a stronger financial cushion after service.

Earlier this month, President Bola Tinubu directed PenCom to resolve the long-standing pension issues affecting the police, stressing that personnel who serve and protect the nation must retire with dignity and peace of mind.

The proposed reforms, if implemented, are expected to significantly improve the welfare of retired police officers and strengthen morale within the Force, addressing years of grievances over pension adequacy and post-retirement security.

is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst with over 20 years of experience in global financial markets. Olukoya is a published contributor to Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, InvestorPlace, and other leading financial platforms. He is widely recognized for his in-depth market analysis, macroeconomic insights, and commitment to financial literacy across emerging economies.

Advertisement