POLICE SEEK BETTER PENSIONS, NOT CPS EXIT — PENCOM
Read Time:2 Minute, 47 Second
By: Fasasi Hammad
The National Pension Commission (PenCom) has clarified that the Nigeria Police Force has not withdrawn from the Contributory Pension Scheme (CPS), stressing that ongoing discussions are focused on improving retirement benefits for officers rather than facilitating an exit from the scheme.
PenCom Director-General, Omolola Oloworaran, made the clarification on Tuesday during a media briefing at the Presidential Villa in Abuja.
She explained that concerns among police personnel stem from perceived disparities between their retirement benefits and those received by members of the Armed Forces.
According to Oloworaran, many police officers believe their pension benefits are inadequate and have called for arrangements that place them on a similar footing with military personnel.
She said PenCom understands the concerns and is engaging relevant government authorities to explore ways of enhancing pension benefits for officers.
The commission, she noted, supports any initiative that improves the welfare of retirees and increases financial security for serving and retired personnel.
READ MORE…
ETTA PLEDGES TO ADDRESS GRIEVANCES ARISING FROM APC CONGRESSES
Oloworaran acknowledged that there are differing views within the police regarding the proposed withdrawal from the CPS, with some groups advocating an exit while others are primarily interested in securing better retirement packages.
She maintained that PenCom’s priority is ensuring improved pension outcomes for officers, regardless of the framework through which such improvements are achieved.
The PenCom boss also dismissed claims that retirees routinely experience delays in accessing their benefits, stating that pensioners with complete documentation receive their entitlements without undue difficulties.
She disclosed that the commission actively monitors complaints from contributors and pensioners, including those raised on social media, and promptly investigates verified cases.
To improve service delivery, Oloworaran said PenCom is introducing a Customer Relationship Management (CRM) platform that will provide a centralised system for receiving, tracking and resolving complaints from pension contributors and retirees nationwide.
On pension coverage, she expressed optimism that enrolment under the Micro Pension Plan would increase significantly over the next two years as reforms aimed at expanding participation in the informal sector take effect.
According to her, PenCom has digitised registration processes, simplified enrolment procedures and licensed Accredited Pension Agents to extend pension services to markets, rural communities and other underserved areas.
She noted that while enrolment growth has been slower than initially anticipated, the commission is focused on building a strong institutional foundation to support long-term expansion.
Oloworaran also assured contributors that pension assets remain safe despite increased investments in infrastructure and capital market instruments.
She explained that PenCom’s investment guidelines impose strict requirements on all investment decisions, limiting pension fund investments to financially sound institutions that meet rigorous standards on profitability, governance and creditworthiness.
The Director-General said the commission regularly conducts compliance inspections and spot checks on Pension Fund Administrators (PFAs), while internal risk management structures within PFAs provide additional oversight.
She further defended PenCom’s recent policy allowing PFAs to invest in parent companies of their pension custodians, saying the decision followed a thorough regulatory review which found the associated risks to be minimal.
According to her, the revised policy expands investment opportunities in major financial institutions while maintaining strong regulatory safeguards to protect contributors’ savings.
Oloworaran reiterated that all pension fund investments remain subject to strict oversight and regulatory controls designed to preserve the security of retirement assets.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0