As part of efforts to boost the living standard of police retirees, the NPF Pensions Limited, which is the major pension fund administrator (PFA) for officers and men of the Nigerian Police, has unveiled an annual N400million welfare package for its members.
The Managing Director/CEO, NPF Pensions Ltd, Dr. Hamza Sule Wuro-Bokki announced this welfare package at the weekend in Lagos at the pre-retirement seminar for police personnel retiring between 1st January and 30th June 2018.
While addressing the participants drawn from police formations across the Southwest states of Lagos, Oyo, Ogun, Ekiti and others, an elated Dr. Wuro-Bokki said it was heartening to note that the NPF Board have decided to pay a one-off bonus to retired police personnel.
The programme was for police personnel who have spent about 35 years in service or approaching the retirement age of 60 years in line with the civil service rule.
Also in attendance at the event were the various officers manning the Pension Desks at the various State Police Commands across the Southwest.
Justifying the need for the welfare package, the NFP Pensions boss said: “The PFA for enhancement of welfare of members of the Nigeria Police Force has come up with another innovative welfare package for all retiring Police Personnel. The company has set aside the huge sum of N400million to be shared among retirees every year starting from January, 2017.”
He added: “All personnel retiring are to be credited cash into their account on completion of a form. The payment is meant to provide immediate support on retirement while the company is processing their pensions or awaiting receipt of accrued rights. This payment is a bonus and not from the RSA account of the retirees. Officers who transferred their accounts to NPF Pensions and remain under the account in the programmed withdrawal scheme are eligible for the support. NPF Pensions is the first PFA to provide this Bonus payment. The monies will be paid to the retirees according to their ranks.”
Speaking on the essence of the gathering, he assured the participants that: “Your retirement does not mean the end of your service to your respective communities, states and the nation at large. You still have a lot to contribute to the society. The purpose of today’s gathering is to prepare you and put you through the process that you before you access your retirement benefits. We know you’re still working. Six months before you retire so you will find the discussion useful. But before you retire, we just feel it’s important you know certain things, in terms of your rights and obligations to yourself based on the Pension Reforms Act of 2014.”
Echoing similar sentiments, the HOD, Business Development, NPF Pensions, Chukuma Ohaka said, “Out of the profit we made we set aside N400million to be paid to retirees. And why are we doing that? We are not in control of when they pay you, the federal government pays so we now decided that can we give this people little amount that is proportionate to their ranks while their pensions are being processed.
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