Police Retirement Benefits May Gulp N1.84trn― PenCom

The National Pension Commission (PenCom) has said that the Contributory Pension Scheme (CPS) has provisions that can address the challenges being faced by personnel of the Nigeria Police and other Federal Government Agencies on the administration of their retirement benefits. THE WILL reports.

According to THE WILL, PenCom said as of September 2021, there were 304,963 Police personnel based on IPPIS data, and an actuarial valuation revealed that the retirement benefits (pension and gratuity) liability of these personnels under the defunct Defined Benefits Scheme would amount to about N1.84 trillion. Information Guide Nigeria

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Director-General of commission, Aisha Dahir-Umar, made this known on Tuesday in Abuja during a public hearing on two pension-related bills by the House Committee on Pension.

The bills are ‘Bill for an Act to exempt the Nigeria Police Force from the CPS’ and a Bill for an Act to further Amend the Pension Reform Act 2014 to, among other things, provide for a retiree to withdraw a lump sum of at least 75 per cent from the Retirement Savings Account (RSA) and to criminalize undue delay in the payment of pension and for related matters.

“The solution to the pension challenges of the personnel of the Nigeria Police does not reside in their exemption from Contributory Pension Scheme and reversion to the Defined Benefits Scheme, which is clearly unsustainable”. jamb results