The Contributory Pension Scheme leaves the majority of Police retirees in difficult financial conditions after years of dedicated service to this nation, which is unacceptable, as a responsible institution, we must seek pathways to reorder the unpalatable experiences of our retirees while giving hope of a secured financial future to our serving personnel."
The Inspector-General of Police, IGP Olukayode Egbetokun in his quest to find a lasting solution to the issue of poor pension earning, and Contributory Pension Scheme said this today when he hosted an interactive session with retired police officers and stakeholders of the Nigeria Police Pensions, at the Police Resource Centre, Jabi, Abuja.
The meeting, according to IGP Egbetokun, provides a platform for all stakeholders to engage constructively and arrive at a well-informed position on the matter.
He said the meeting is not a regular meeting, hence, it is to critically evaluate and dissect the concerns surrounding the Contributory Pension Scheme as it affects personnel of the Nigeria Police Force, interact and cross-fertilize ideas, towards fashioning out ways to maximally utilize the broad pool of options available to us.
IGP Egbetokun stressed that over the years, we have witnessed genuine complaints by serving and retired officers regarding the Contributory Pension Scheme. The concerns raised have been persistent and deeply worrisome.
"I wish to note that, upon my assumption of office as the Inspector-General of Police, I met strong agitations to exit the Contributory Pension Scheme. In a prompt response to this, I established a committee, headed by DIG DanMallam Mohammed, the Deputy Inspector-General of Police (DIG) in charge of the Department of Finance and Administration (as he then was), 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 meagre benefits and are unable to meet their basic needs after retirement. Also, the process of accessing their entitlements is often frustratingly slow, leaving our gallant officers in distress and pain.
"Meanwhile, there are two sides of the coin as regards the Contributory Pension Scheme. While some believe that the current pension regime has failed police personnel, plunging our retirees into abject poverty and suffering, others argue that it remains the most sustainable option available.
"Clearly, the proponents of the current contributory scheme argue that it 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 mismanagement and ensuring continued payment of benefits. Let me note that while these arguments are valid, they do not erase the hardships faced by many police retirees." he noted
He enjoined them to explore the options before them to let reasons prevail over sentiment and emotions do not override facts. We must engage in thorough discussions, relying on expert insights and empirical data on the subject.
"I encourage all stakeholders to speak candidly and present their perspectives with clarity and sincerity. The overarching goal of this meeting is not to dismiss any position but to find the best solution for our officers," he added.
SpyeTV News report that present at the interactive session, was the Chairman Police Service Commission; DIG Hashimu Argungu, mni (Rtd), who gave a review of global issues on retirement, pension, remuneration and compensation principles and practices, to serve as a guide in deliberating on the way forward.
Others present at the event were the Hon. Commissioner 1, Police Service Commission, Hon. Justice Paul Adamu; Deputy Inspectors-General of Police & Members of the Force Management Team, the National President of the Association of Retired Police Officers, AIG Paul Ochonu (Rtd), and other serving Senior Police Officers.