Military retirees have expressed dissatisfaction with the formula adopted by the Military Pensions Board for implementing the newly approved pension rates.\n<\/p>\n
They said the payments received by them fell short of their expectations.\n<\/p>\n
The spokesperson for the Coalition of Concerned Veterans, Abiodun Durowaiye-Herbert, disclosed this in an interview with our correspondent on Sunday, saying the group was seeking further clarification from the board before deciding on its next line of action.\n<\/p>\n
He said although the board explained how it arrived at the new pension rates during a consultative meeting on Friday, some retirees remained unconvinced by the rationale behind the calculations.<\/p>\n
\u201cThe formula used by the Military Pensions Board is not clear to me too; I must be sincere with you. Honestly, it\u2019s not clear,\u201d Durowaiye-Herbert said.\n<\/p>\n
He explained that, from his understanding of the board\u2019s presentation, the calculation was based on a minimum of 10 years in service, attracting 40 per cent, with an additional two per cent for every subsequent year of service.\n<\/p>\n
\u201cIf you do 11 years, that means it\u2019s 42 per cent. If you do 12 years, that\u2019s 44 per cent. Like that, you count it till 35,\u201d he said.<\/p>\n
However, he questioned why the board did not adopt the same approach as the salary adjustments approved for serving military personnel, arguing that the basis for calculating the revised pensions remained a source of disagreement.<\/p>\n
He said the controversy was partly due to the gap between what the retirees expected from the approved adjustments and the amounts credited to their accounts.\n<\/p>\n
\u201cSomething was added, but from their own view, from what the approval carries, the one by the wages commission, it falls short of their expectation,\u201d he said.\n<\/p>\n
According to him, some retirees claimed that the amounts they received were between N20,000 and N40,000 below what they expected under the approved adjustment.\n<\/p>\n
Durowaiye-Herbert said the coalition was planning to write formally to the board to seek clarification and urge it to address the concerns before the group considers further action. <\/p>\n
\u201cWe don\u2019t plan to immediately rush into protest. We\u2019ll first write them a letter,\u201d he said, adding that the coalition hoped to submit the letter on Monday.\n<\/p>\n
He explained that the decision followed internal consultations, including a meeting held on Saturday and another scheduled for Sunday evening, to determine the group\u2019s position.<\/p>\n
\u201cThe outcome is what will determine what we intend to do,\u201d he said.\n<\/p>\n
Durowaiye-Herbert added that the coalition remained willing to engage the board\u2019s leadership, noting that representatives had briefed their members after Friday\u2019s meeting but some retirees were still sceptical about the explanation provided.\n<\/p>\n
The disagreement comes weeks after military retirees protested at the Ministry of Defence in September, demanding an increase in their pensions following salary adjustments for serving military personnel.\n<\/p>\n
The Minister of Defence, Christopher Musa, had promised that the retirees would receive an increase in October.\n<\/p>\n
The Military Pensions Board subsequently announced that it had commenced implementation of the newly approved pension rates following adjustments occasioned by the new minimum wage.\n<\/p>\n
It also said applicable pension arrears had been processed for payment, with credits to pensioners\u2019 accounts commencing on October 2, 2026.\n<\/p>\n
In a statement on Friday, October 9, the board said it held a consultative meeting with representatives of military veterans\u2019 associations to clarify concerns surrounding the implementation of the revised rates.<\/p>\n
According to the statement signed by its Public Relations Officer, Squadron Leader Aliyu Mohammed, the meeting provided an opportunity for the board to explain its implementation process and address concerns raised by the representatives.\n<\/p>\n
The board said the representatives expressed understanding of the explanations provided and appreciated the opportunity to engage directly with its officials.\n<\/p>\n
It also reaffirmed its commitment to the welfare of military pensioners, transparent communication and the timely resolution of issues within its mandate.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Military retirees have expressed dissatisfaction with the formula adopted by the Military Pensions Board for implementing the newly…\n","protected":false},"author":2,"featured_media":799830,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[251462,262988,262989,84,262990,262991,262992,4176,262993,245698,4174,4175,56,54,55],"class_list":["post-799829","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-758bn-pension-bond","tag-abiodun-durowaiye-herberts","tag-air-force-veterans","tag-business","tag-cds-christopher-musa","tag-coalition-of-concerned-veterans","tag-federal-ministry-of-defence","tag-finance","tag-military-pensions-board","tag-military-retirees","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/799829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=799829"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/799829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/799830"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=799829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=799829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=799829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}