Experts: N285bn Police pension in jeopardy if…
The officers and men of the Nigeria Police face a bleak future after retirement if plans by the federal government to move the N285bn pension savings meant for their pension from Pension Fund Administrators (PFAs) to the Police authority is allowed to materialise.
The Federal Government has, therefore, been advised to drop the idea.
Professional PFAs operating in the country currently manage police pension funds, which are meant to settle men and officers of the NPF upon retirement in line with the Pension Reform Act (PRA) of 2004.
However, plans are on to transfer N285bn of the funds to a new PFA to be known as NPF PFA and be managed by the Nigeria police. But industry analysts and stakeholders said given the recent happenings relating to the embezzlement of police pensions outside the PFAs, taking away the funds in the custody of existing professional PFAs to police will spell doom for their future.
According to some analysts, who spoke on condition of anonymity, taking away the pensions from the PFAs does not only jeopardise their future but it also against the provision of PRA.
“We have heard and seen how pension funds outside the management of the PFAs but belonging to the police have been embezzled. Those embezzled funds are gone and nothing is being done to recover them. Now, the funds under the management of the PFAs are being targeted in the form of setting up a new NPF PFA to manage the funds. This will amount to entrusting the future of Nigeria police men and woman to the hands of few individuals. It is not only risky but it will also dampen the moral of officers and men of the NPF,” an analyst said.