NPF Pensions Limited paid over N1 billion as welfare assistance to 8,695 retired police officers awaiting their pension entitlements in the last two and half years.
Investigation by the News Agency of Nigeria revealed that the money was part of the company’s Retiree Resettlement Support Scheme.
The company sets aside N500 million annually to provide succour to retired police officers who have not received their pension benefits due to non-remittance of their accrued rights.
The scheme was introduced in January 2017 to provide assistance to all police retirees registered with the company immediately they retired and submit their documentation.
The retirees` accounts are credited immediately upon request while awaiting the remittance of their accrued rights by the Federal Government and it is given free.
The welfare package is the first ever welfare package to retirees by any pension fund administrator in the country.
From the scheme’s implementation to date 8,695 Police retirees have received over N1 billion from the earnings of the company.
The company was established in 2014 and commenced payment of retirement benefits to Police retirees from January 2016.