Police set up Pension fund administrator - disnaija.com

Categories: Nigeria News

By Citizens platform

The Inspector General of Police (IG), Mohammed Abubakar, has announced that the force has established its own Pension Fund Administrator (PFA) to cater for its retirees, following the approval of President Goodluck Jonathan.

IG Abubakar stated this Monday, when he declared open a three-day capacity building workshop for Police Pension Desk Officers in Abuja. He noted that the PFA would operate in line with the Pension Reform Act, 2004 and would address challenges being faced by police retirees.

“I am glad to mention the creation of a Police Pension Fund Administrator. As one of the biggest organisations in Nigeria in terms of staff size, the management of police pension needs has become cumbersome, leading to inefficiencies from existing service providers,” he said.

He said some of the inefficiencies included the difficulties in locating the service providers’ offices and accessing fund after retirement.

“It is for this reason that President Goodluck Jonathan directed that the police should continue to be covered under the contributory scheme but approved that we should have a PFA of our own.

“The PFA will be designed as prescribed by the law and as a corporation established under the Companies and Allied Matters Act (CAMA),” he said.

The IG added that a proportion of the dividends from the business would be allocated to fund existing police welfare schemes.

“It is my belief that a proper pension administration scheme is critical and complementary to the existing schemes already being implemented by the force”, he said.

Abubakar charged the participants drawn from all police pension formations across the country to take the training seriously as it was designed to equip them to manage the new fund effectively.

Posted in Nigeria News. A DisNaija.Com network.

Source: Citizens Platform

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