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[ MAIN ]INSURANCE & PENSIONSNEWS

FG Mulls Creating A Special Administrator For Policemen

 

The Federal Government is planning on creating a separate Pension Fund Administrator for the Nigeria Police Force, which will solely be responsible for the management of the Retirement Savings Accounts and pension contributions of police personnel.

According to officials of the National Pension Commission, government decided to consider this as an option to keep the police under the Contributory Pension Scheme as prescribed by the Pension Reform Act, 2004 after refusing to grant them permission to pull out.

Earlier, the three arms of the military and State Security Services had pulled out from the CPS. This informed the decision by the Nigeria Police and virtually all the other paramilitary agencies to commence the gradual process of pulling out from the scheme, but the attempts have met with strict resistance from the Presidency, which has refused to approve of it.

PenCom and other stakeholders have intervened to prevent further break away, a situation considered to be a major threat to the CPS.

After the exit of the military and the SSS, PenCom ordered the various PFAs that kept the pension contributions of the officers and men to commence the refund of the balance in the individual RSAs to the owners.

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