The Senate and Pension operators clashed over the Nigeria Police Force’s request for exemption from the Contributory Pension Scheme.
He also noted that the Federal Government’s current liability to the police personnel under the current pension scheme was about N213.4bn.
The Chief Executive Officer, of the Pension Funds Operators Association of Nigeria, Oguche Agudah, admonished the committee and by extension the Senate, not to legislate liabilities. Legal adviser of the team, Ayinla Mahmod, while making the presentation said all the grievances of the police can be corrected within the CPS.
On sustainability and cost of governance, he said there is no sustainability in budgeting for a monthly pension, adding that the Sustainability of a non-terminal pension scheme such as the defined benefit scheme in the midst of the various modern challenges in a developing country like Nigeria is simply non-existent.
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