By Our Correspondent
Nigerian police retirees have expressed optimism over a proposed enhanced pension package being considered by the National Pension Commission (PENCOM) to improve the welfare of retired police officers under the Contributory Pension Scheme (CPS).
The initiative is aimed at addressing the persistent agitation by retired police personnel seeking an exit from the contributory pension system due to complaints of poor pension payments.
Under the proposed framework, retired police officers would receive monthly pensions equivalent to 100 per cent of their final salaries for life, a long-standing demand by serving and retired officers.
The proposal also includes gratuity payments amounting to 200 per cent of annual emoluments, a move expected to significantly improve retirement benefits for police personnel.
In addition, the Federal Government is expected to raise its pension contribution for serving police officers from the current 10 per cent to 20 per cent monthly, while employees’ contribution would remain at eight per cent.
The planned arrangement, which provides pensions tied to an officer’s last salary alongside enhanced gratuity benefits, is expected to strengthen the financial security of retired personnel and improve morale among officers still in service.
It is also expected to substantially boost Retirement Savings Account (RSA) balances, improve pension payouts and reinforce the long-term sustainability of the pension system.
If approved by President Bola Tinubu, the proposed police pension enhancement would demonstrate the Federal Government’s recognition of the vital role police officers play in maintaining national security and public order, as well as the need to guarantee dignity and stability for them after retirement.
Organised labour groups have consistently maintained that the enhanced contributory pension framework provides a more transparent and sustainable alternative to both the old Defined Benefits Scheme and calls for a total withdrawal from the contributory system.
According to labour stakeholders, strengthening the existing pension structure and leveraging the institutional experience of NPF Pensions Limited would better secure the long-term welfare and financial stability of serving and retired police personnel.
It would be recalled that the Federal Government recently settled outstanding pension arrears owed to pensioners nationwide, a development widely welcomed by retirees and stakeholders as a major step toward improving the welfare of senior citizens who devoted years to national service.
The payment of the arrears provided temporary relief for many pensioners struggling with harsh economic realities and the rising cost of living.
Stakeholders advocating improved police pensions believe the proposed increase, if fully implemented, would help address growing dissatisfaction and agitation among retired officers.
They noted that the enhancement would not only improve the welfare and living conditions of retirees but also restore confidence in the pension system and assure serving officers that their sacrifices would be rewarded after retirement.
They further observed that many retired police officers are currently facing severe economic hardship due to inflation and increasing healthcare costs, stressing that improved pensions would provide greater financial stability, dignity and better living conditions after service.
One of the stakeholders, who requested anonymity, expressed hope that the Federal Government would ensure full implementation of the proposal.
“We hope the Federal Government will follow through and ensure its implementation,” the source said.
In what has been described as an unprecedented intervention, President Bola Tinubu, through the National Assembly, approved a N758 billion Federal Government of Nigeria bond to clear pension backlogs and arrears for retirees, including police personnel, in 2025.
The initiative was described as a major intervention aimed at making life more meaningful for Nigerian retirees, as all outstanding pension arrears dating back to 2012 were reportedly settled and monthly pensions improved.
