Egbetokun: Contributory pension offers limited benefits to retired personnel

Kayode Egbetokun, the inspector-general of police (IGP), has raised concerns over the Nigeria Police Force (NPF) contributory pension scheme.

Egbetokun spoke in Abuja on Tuesday during an interactive session with members of the NPF management team, and retired police officers.

The IGP said personnel deserve a dignified and financially secured life at retirement.

He added that the current contributory pension scheme has not guaranteed a financially secured life for retired police officers.

“I wish to note that upon my assumption of office as the IG, I made strong agitations to exit the Nigeria Police Force from the current contributory pension scheme,” Egbetokun said.

“In a prompt response to this, I established a committee to thoroughly review the pension matters as they affect police personnel and propose actionable recommendations for reforms.

“I also embarked on a tour of police commands and formations across the country to personally engage our officers as well as police retirees in the respective areas.

“One peculiar observation is that with the contributory pension scheme officers retire with makeup benefits and are unable to meet their basic needs after retirement.”

Egbetokun said the process of assessing entitlements by retired police officers has been frustratingly slow, leaving the retirees in distress and pain.

“Meanwhile, there are two sides of the coin as regards the contributory pension scheme, some believing that the current pension regime has failed police personnel, plunging its retirees in abject property and suffering,” he said.

“Others argue that it remains the most sustainable option available, adding that the current contributory scheme provides long-term financial sustainability and eliminates the challenges associated with the old defined benefit system.

“They point out that pension funds are now managed professionally, reducing the risk of management and ensuring continued payment of benefits.

“Let me note here, that while these arguments are valid, they do not erase the hardships faced by many police retirees.”

He advised stakeholders in the security sector to explore the available options to improve the current pension scheme.