The Chairman of the Board of the Nigeria Police Pension Limited, retired Inspector General of Police (IGP) Suleiman Abba said Funds Under Management (FUM) grew from N274.1 billion to N349.8 billion in one year.
He spoke Monday during the Annual General Meeting of the Police Pension Fund Company held in Abuja, where its annual audit report and financial statement was presented.
He said the growth recorded as at 31 December, 2017 represented a 27.62 percent growth, with a rate of return of 14 percent which was earned in 2017.
He noted that in accordance with its mandate to commence payment of pensions from 2016 retirees, the benefits payment process commenced in May 2017, due to the delay in the release of accrued rights by the federal government.
He added that the Retiree Fund in the year generated an annualized return rate of 20.53 percent.
He said, “The Retiree Resettlement Support Scheme (RRSS) which is the first of its kind in the industry, as a welfare scheme is to support of all police retirees at the point of retirement with effect from January 2017.”
He explained that the endowment fund with an annual contribution of N400 million from the company’s income is paid at graduated amounts, depending on grade at retirement is to improve the welfare of policemen.
He noted that at the end of 2017, the total transferred funds from the PFAs was N215.44 billion for 244,024 police personnel and of that amount N8.3 billion was transferred in 2017 for 9, 728 personnel.
In his statement, the Chief Executive Officer (CEO) of the NPF pensions, Hamza Bokki explained that the introduction of the endowment fund is to cater for immediate resettlement needs of retired police personnel pending when their benefits are processed.
He said a total number of 2, 281 of such retirees have been paid the total sum of N194 million.