The need for the establishment of the then Military Pensions Assessments Board (MPAB), which is now known as Military Pensions Board (MPB) was necessitated by the massive retirement of military personnel after the Nigerian civil war. Consequently, the Board was established to conduct payment of gratuity and pension to retirees of the Nigerian Armed Forces and to provide financial advice and payment of death benefits to Next of Kin of deceased personnel. Since its establishment, the Board has passed through series of restructuring. Shortly after its establishment, the Board's initial name, MPAB was changed to the Directorate of Military Pensions (DMP). In 2003, the Board was restructured and renamed MPB.