Nigeria Police Force Pensions Limited is a special Pension Fund Administrator (PFA) for only Police officers. NPF Pensions Limited caught our attention because of three enviable things they are planning for police retirees; setting aside a portion of their profits for retirees, demanding Special Gratuity for police retirees and demanding retirement with full benefits for high ranking officers.
These actions are enviable and completely inline with the provisions of Pension Reform Act 2014, Section 4 (4) of PRA 2014 states that, Notwithstanding any of the provisions of this Act, an employer may agree;
(a) on the payment of additional benefits to the employee upon retirement; or
(b) elect to bear the full responsibility of the Scheme provided that in such a case, the employer’s contribution shall not be less than 18% of the monthly emoluments of the employee.
These actions by Nigeria Police Force are enviable because most multinationals and the best companies in Nigeria all just do the MINIMUM 10% for their employees and brag that they are fully complying with the provisions of PRA 2014, such employers should truly go beyond the minimum for pension and retirement benefits for their employees.
Below are the enviable benefits by NPF Pensions limited
Setting aside a portion of their profits for retirees
Nigeria Police Force Pension Limited sets aside the sum of N500 million annually from the company’s profit for payment to retirees to enable retirees resettle after retirement while awaiting the payment of their accrued rights from Federal Government.
Special Gratuity for police retirees
Nigeria Police Force Pension Limited has requested for the President’s approval to grant special gratuity for police retirees at the rate of 300% of their last annual gross pay. The idea is to pay police retirees this gratuity in place of lumpsum and use all the balance in their Retirement Savings Account (RSA) for only monthly pension payments.
Retirement with full benefits for high ranking officers
Nigeria Police Force Pension Limited has also requested approval for the recognition and treatment of police officers from the rank of Assistant Inspector-General of Police (AIG) and above as public office holders who should retire with their full benefits, just like permanent secretaries pursuant to Section 7 subsection 1e of Pension Reform Act 2014, which states that, other categories of employees entitled by virtue of their terms and conditions of employment to retire with full retirement benefits shall still apply.
Nigeria Police Force Pension Limited already sets aside N500 million from its profit for police retirees but the Special Gratuity for police retirees and full benefits for high ranking officers still awaits President Buhari’s approval.
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