Nigeria Police Pensions Limited says it has commenced payment of the N400m saved annually from its investments to retired police personnel since January 2017.
Dr Hamza Sule, Managing Director of the company, made the disclosure in Enugu on Monday at a Pre-Retirement Seminar for Police personnel retiring between Jan. 1 and June 30, 2018 for the South-East zone.
Sule said that the N400 million was not part of their pensions as the pension entitlement would still be intact.
“The payment is purely a welfare incentive and not deductible from the Retirement Savings Account [RSA] balance of the retiree.
“Each retired police officer is to be paid a specific amount, free-of-charge, depending on his or her rank and the balance in the RSA upon completion of an application form,’’ he said.
The MD said that the retirees and intending retiring police personnel had been taught how to process their pension and how to lodge a complaint.
“The seminar is to reveal the options and processes for processing pensions and other important questions they want to ask,’’ he said.