Nigeria’s police officers may soon retire with greater financial security as PenCom moves to overhaul the Contributory Pension Scheme.
Director General Omolola Oloworaran, meeting with Inspector General Kayode Egbetokun in Abuja, announced plans to raise pensions, expand health coverage, and strengthen cooperation to tackle long-standing retirement challenges.
Reforms To Boost Pensions
During the meeting, Oloworaran praised the Nigeria Police Force for its service to the nation.
She emphasised that the old Defined Benefits Scheme (DBS) left many retirees struggling financially, and explained that the CPS corrects those flaws.
Consequently, she presented PenCom’s bold reforms: raising monthly pensions to 75% of an officer’s final salary, expanding the Retirement Resettlement Fund, overhauling the police pension structure, and introducing a health insurance package for retirees.
Government Support And Contributions
Moreover, Oloworaran addressed calls for the police to leave the CPS.
She argued that abandoning the scheme would harm officers’ retirement security and insisted that PenCom could resolve the current issues within the existing framework.
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In addition, she urged the Federal Government to double its pension contribution for police officers from 10% to 20%, a move she said would significantly boost retirement savings.
Future Gratuity Scheme
Furthermore, Oloworaran revealed that PenCom is collaborating with the Head of the Civil Service of the Federation to launch a new Gratuity Scheme in 2026.
The scheme will grant federal workers one year’s total emoluments as a retirement gratuity, offering additional financial security.
In response, Egbetokun applauded PenCom’s initiatives and assured officers that the Police Force would actively support the reforms.
He recognised officers’ concerns and promised constructive engagement to maintain confidence in the scheme.
Overall, PenCom has signalled its commitment to ensuring police personnel retire with dignity and financial stability.
By implementing these reforms, the commission aims to strengthen the CPS, enhance welfare, and provide police officers nationwide with a secure future.
