Category: Pension

Our Reporter

British pension funds have lost 5 per cent to 6 percent of their value in five days about three weeks ago, as fears over the impact of coronavirus sent stock markets tumbling around the world.

Before now, employees who were about to retire were looking at their pension statements with some confidence after share prices had hit record highs around the world. Shares in the US tech stocks, in which many UK pension funds are invested, had seemingly been on an ever-upward trajectory.

However, after a week in which global stock markets plunged and predictions that the outbreak could match the financial crash of 2008, imminent retirees are facing a far less certain future, than even a week ago.

Someone in their early 60s with a typical pension pot of around £250,000 has seen its value fall by around £13,000 in five days. Wealthier workers who have accumulated a £1m pot are facing a £50,000-plus loss.

Pension funds typically have 60 per cent to -70 per cent of their investments in stock markets with the rest held in bonds, property, cash and other investments.

Also about three weeks ago, 11 per cent fall in the value of shares in London and an 8 per cent fall in New York and other markets around the world, have resulted in the equivalent loss of value to pension funds.

Read Also: Pension complaints and solutions

Investment firm Hargreaves Lansdown said over the first four days of this week one of the UK’s most popular funds managed by Scottish Widows was down more than 4 per cent.

Employees logging into Legal & General’s default pension scheme were looking at a 4.6 per cent fall in their fund’s value. Another popular fund, Vanguard’s LifeStrategy 60 per cent Equity Fund, was similarly down 4.8 per cent, compared with just a week ago.

Pension funds can take several days to revalue following big share price shifts.

By Our Reporter

There is a new dawn at the National Pension Commission (PenCom). The body has replaced the Code of Corporate Governance for Licensed Pension Operators 2008 with a new code, the Code of Corporate Governance 2018.

The code, which became effective from January 2, followed the issuance of the Nigerian Code of Corporate Governance 2018 by the Financial Reporting Council (FRC) of Nigeria.

The commission said it developed a specific draft Corporate Governance Guidelines for Pension Fund Operators (PFOs), which is consistent with the Pension Reform Act (PRA) 2014, rules, regulations and guidelines of the Commission.

In a circular dated December 20, last year with reference number PENCOM/INSP/SURV/2019/1355, signed by Head, Surveillance Department, Ehememe Ohioma, the Commission said it aims at encouraging PFOs to embrace good corporate governance practices and ethics.

Ohioma added that the circular would provide measures that would strengthen corporate governance practices as well as assist PFOs in meeting their responsibilities and ensuring greater accountability.

He noted that stakeholders in the industry have a responsibility to actualise the main objective of the Pension Reform Act 2014, which is to ensure that every worker receives his or her retirement benefits promptly.

He said: “Essentially, the circular was developed to institutionalise corporate governance best practices in PFOs in Nigeria; promotes awareness of essential corporate values and ethical practices in the industry; To show a clear delineation of roles, authority and responsibilities among the shareholders, board and Management of the PFOs; and To better align the interest of the board and management, with those of the shareholders and other stakeholders, especially the contributing members (RSA holders).’’

“The circular consists of six broad areas namely board of directors, control functions, relationship with shareholders, ethics and business practice, sustainability and transparency’

“The Board of the PFOs shall be responsible for monitoring adherence to ensure that breaches are effectively sanctioned. This may be delegated to the committee responsible for nomination and governance. Directors, top management and other employees shall have an obligation, at all times, to comply with the provisions of the Circular on Corporate Governance for Licensed Pension Operators in Nigeria.

“Non-compliance with the provisions of this circular will attract appropriate administrative penalty by the Commission.”

Before now, many operators have been found contravening the Code of Corporate Governance 2008 and were sanctioned by Pencom.

Read Also: Pension complaints and solutions

The commission has in its Quarterly Summary accused Pension Fund Administrators (PFAs) of not crediting pension contributions into Retirement Savings Account (RSAs).

PenCom stated that other major issues observed from the review of Compliance Reports forwarded by the operators during the period were the failure of PFAs to fill vacant top management positions and delays in the payment of retirement benefits to retirees.

It added that it has forwarded letters to the operators involved on the issues and have been reviewing responses to resolve them.

On Corporate Governance, the commission noted that the routine examination on some PFAs revealed issues on operational activities.

“The 2015 Routine Examination on one of the operators revealed issues bordering on Corporate Governance in its operational activities.

“Consequently, the commission placed monetary sanction on the operator for violation of its licensing conditions; issued caution letter to the managing director to desist from any act capable of undermining the independence of the compliance officer and internal auditor; and issued warning letter to two of its directors for not upholding sound corporate governance, which requires high ethical conduct at all times,” PenCom added.

DUEHI: I am Uduehi, a pensioner with Delta Steel. PTAD has been paying our pension since we were verified and we are grateful. But some pensioners were not paid August 2019 pension and from September 2019 till last month.

Kindly help us ask PTAD whether we have lost our August 2019 pension. If not, when are they going to pay?

OLUKAIYEJA: Please Omobola, what is happening to retiree bond for those of us that retired from Federal Government in January,last year? Hunger, frustration and embarrassment are killing us. – Dare Olukaiyeja.

KADIRI: My name is Kadiri,  a retiree from Federal Polythenic, Idah, Kogi State. Sigma told me last week that they had sent my document to Pencom for final approval of my retirement benefits.

I am appealing that you to make it fast, if posible this week. And in case of a problem, please let me call me. Thanks very much.

Yours, John Kadiri.

 

1. EZEANI: I retired from the Federal College of Education, Abeokuta in January, last year. Up till now, my colleagues and I have not been paid anything. The delay is beyond the one year our predecessors enjoyed up till last December. We don’t know what is happening.

 

ADEGBOLA: I am Adegbola, chairman, Nigeria Union of Pensioners (NUP) Research Institute Branch (Nigerian Stored Products Research Institute Unit).

Kindly help us check from PTAD our check- off dues, which were deducted from our pensions for the first three years of our signing with PTAD. We could not open a bank account then because of some internal issues. We have since resolved them, and notified PTAD. We also asked PTAD to start the deduction of the check-off dues from our members, but no response. Please help us.

 

EFFANGA:

I am Effanga, a state pensioner with federal share with particulars. My complaint is that I have not been paid my federal share of gratuity and monthly pension since retirement in 2010. Thank you.

 

UDUEHI; OLUKAIYEJA; KADIRI; DR. EZEANI; ADEGBOLA; and EFFANGA: The Nation will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

 

MABAWONKU: My name is Mabawonku, a pensioner with federal share. I retired with NERDC in1993 as assistant chief research officer. My gratuity and six months’ arrears pension have not been paid after several correspondence and appearances to PTAD.

I was verified by PENCOM in 2011 and PTAD in Lagos in April, last year. The Lagos State share has been paid where I retired in 2010 as a director. But for PTAD, not so. Please help me.

PTAD: The pensioner is to provide a copy of his pensioner’s verification acknowledgement slip to enable us investigate and follow up on his complaints.

ADETUTU: We read again in The Nation of July 9, last year, that my mother should send her phone number. I did do so immediately. But there is a mistake in the article. It was written that she was paid monthly pensions from 2005 to 2010. This is not true, which is why she is asking for the arrears.

 

PTAD: The pensioner was contacted on her mobile phone number and informed to provide a copy of her pensioner’s verification acknowledgement slip through the complaints email (complaints@ptad.gov.ng).This will enable us investigate and follow up her complaint.

Bola Adegbaju

 

In my several years of working in the Nigerian insurance industry, I have come across a lot of people who said whatever disaster they experience is an “act of God” or “natural occurrence” and therefore they don’t need insurance.

But why do you have to suffer if you have a solution or help from somewhere?

Why will you loose your property when you have someone who is willing to replace or repair?  The fact that a damage or loss is caused by natural disasters does not mean it should not be replaced.

What are these natural disasters that can be insured? We have flood, storm, earthquake, lightening, and thunder.

They are usually covered under fire and special perils insurance.

Can they be avoided or prevented from occurring?

Natural disasters cannot be prevented from occurring, but the damages caused may be prevented or reduced by protecting ones properties.

For instance when it rains, there will definitely be flood and damages by flood can be avoided through the reinforcement of fence / walls with concrete and good drainage.

Ways of preventing or reducing the damages caused by some natural disasters in Nigeria

As we approach the raining season, here are the suggested ways of preventing or reducing damages from some natural disasters.

1. Flood: This is an overflow of water that submerges a dry land.

It can be caused by heavy or torrential rain, overflowing river, or a dam break.

Suggested preventive measures:

• Fortify the fences and walls.
• Construct and maintain a good drainage: It is not only about construction but maintenance is key. It has been observed that our maintenance culture is very low and we need to improve on this as individually and as a nation.
• Construct buildings above flood levels.
• Introduce water storage areas.
• Build canals, dikes and levees.
• Restore rivers to their natural courses.

2. Storm: It is a violent and extreme weather condition associated with a strong wind, heavy rain. Damages can arise through a falling tree or roof damage.

Suggested preventive measures:

• Use a standard and strong materials for the construction of the roof.
• Practice good maintenance culture by regularly checking the roof.
• Look for signs of decay or weakness in a tree and remove every dead or decayed tree.
• clear the environment of items that could be blown or pushed around with heavy winds

3. Earthquake: It is the sudden movement of the Earth’s tectonic plates, resulting in the shaking of the ground. This is however not so common in our nation but we can still take preventive measures.

Suggested preventive measures

• Natural earthquakes cannot be prevented from occurring but the manmade induced earthquakes should be stopped. Some of these activities that induce earthquakes include impoundment of reservoirs, surface and underground mining, injection of fluids to underground formations, withdrawal of fluids and gas from the subsurface.
• Build safer structures
• Plant large trees around the cities

4. Thunder and lightning: Lightning is a bright flash /discharge of electricity produced by thunderstorm while thunder is a loud explosive, resounding noise produced by the explosive expansion of air heated by a lightning.

Being struck by lightning can cause heart damage, burn broken bones or even kill. It is like an electric shock.

Suggested preventive measures

• Stay indoor and away from windows.
• Do not touch anything metal or electrical.
• Avoid leaning on vehicle
• Install a lightning protection device
• Avoid running water and using land telephones with cables
• Avoid charging any device

My conclusion about this is that you get protected by having an alternative plan, which is insurance.

In two weeks, it will be one year since President Muhammadu Buhari launched Micro Pension Plan. Omobola Tolu-Kusimo beams the searchlight on the plan.

ON March 28, last year, President Muhammadu Buhari launched the Micro Pension Plan (MPP) at the State House, Abuja to bring financial inclusion to workers.

The plan, an initiative of the National Pension Commission (PenCom), is aimed at  providing pension services to the self-employed in the informal sector and employees of organisations with less than three staff members.

The informal sector constitutes an estimated 69 million workforce and represents an estimated 88 per cent of workers that lack pension and safety nets for their old age. The goal of the commission is to achieve the coverage of 30 million people in the informal sector by 2024.

The MPP is expected to give self-employed professionals, especially entertainers, lawyers, doctors, entrepreneurs, artisans, and casual workers, the opportunity to save for pension.

Head, Corporate Communications, Peter Aghahowa, stated that the launch attested to the Federal Government’ policy to provide opportunities for financial inclusion and economic stability for more Nigerians in the informal sector.

The Commission also said the launch signifies the commencement of activities that will culminate to the full implementation of the MPP. Accordingly, the National Pension Commission and pension operators will continue the education of the public through campaigns across traditional, social and digital media, while registration of contributors will follow in subsequent months.

But have the Pension Fund Administrators (PFAs) been able to provide the opportunities for financial inclusion. Have they also been able to educate the public as expected to drive the scheme?

 

Stakeholders’ view

Stakeholders industry believe the MPP has not recorded the expected results.

Describing the take-off as slow, the stakeholders believe there is the need for PenCom and the operators to restrategise.

General Secretary, Federation of Informal Workers Organisation of Nigeria (FIWON), Mr. Gbenga Komolafe, in a telephone interview with The Nation, said the MPP doesn’t seem to be working due to some reasons.

He listed the problems militating against the plan as lack of confidence by the public, poor incentive, poor investment by pension operators, and lack of awareness by the public, among others.

He stated that they have tried to strategise, but that the operators have looked away because they are not ready to invest in their plans.

He reiterated the need for the Federal Government to part-fund the MPP by contributing as the workers in the informal sector are doing, noting that the pension is a social security and government has a responsibility to its citizens.

He said: “First of all, there is crisis of confidence by the public. When we try to talk to them, they will say they watch people protesting over the non-payment of pension. This is an area that PenCom and the operators need to address. Secondly, the incentives are too poor. Our strategy is that the Federal Government should partly fund the pension contributions that are expected to be made by our members. People are asking that if they invest under the plan, what will it amount to? If a person invests N200  monthly for instance, what will he or she get in 10 years? But if I contribute N200 and the government adds N100 or N50, then he will be encouraged. For some of our members who have subscribed to the plan, the challenge is for them to make contributions. This is part of the major issues that we listed to the operators in the beginning of the plan.

“Another strategy that we exposed to the PFAs is that they should link our cooperative savings to the plan to aid pension contributions. As a cooperative society, we encourage our members to key into social securities.Thus, we were trying to create a platform where our members will make daily contributions. They contribute whatever is convenient for them and so this gives us a pool of what can be deducted for pension, insurance, and other social security products. The contribution allows for pooling of resources for which we can then encourage our people to buy into the pension plan. At the initial stage, we offered the PFAs the platform, but none of them was willing. But we went ahead to create our platform and we have 2000 people registered. It is unfortunate that the PFAs want what they can control and they think they can continue to use conventional method for the informal sector.”

He said the third issue is poor awareness. “PenCom and operators don’t seem to be serious about creating awareness to the public. Apart from some adverts published by PenCom, there is no serious direct engagement with informal workers.You cannot address people’s fears by being laid back. You have to reach out to them. PenCom needs to take the bull by the horn by taking the lead because my engagement with Pension Fund Administrators (PFAs) shows that they are weary in committing serious funds for advocacy. Some PFAs have confessed that they are not ready to deploy huge funds because what will come to them from the business is so small. So, nothing is really happening,” he added.

The Director, Centre For Pension Rights Advocay, Ivor Takor, also in a telephone interview, believes that the operators need to do better for the scheme.

He urged the operators to invest in awareness and getting people to embrace the plan, stating that they should take contributions they will make as a Social Corporate Responsibility (CSR).

He said the micro pension product is for individuals and so it is difficult to sell.

He however said people were keying into it slowly, noting that even the Contributory Pension Scheme (CPS) that was mandatory would not have taken off fully, if not for the compulsion on the formal sector.

He noted that the economic situation in the country makes it difficult for people  to participate in pension plans.

“I agree that operators are not doing much on micro pension as they has not put it on their front burner.This is because something as new as micro pension should be mentioned almost on a daily basis to entrench it in the minds of the people. They need to understand the product and its benefits.

“They must not look at quick returns on their investments. They need to realise that when more people key into it, there will be economy of scale. It may look as if the administrative cost is high, when more people come under the plan, they will reap the benefits.

“The truth is that PFAs are making money from the CPS. They should be ready to give to the less privilege.Where is their CSR? They should see it as such for now before the plan will pick up. They should look at it as a sacrifice while they make money later. It should not be about the astronomical profit they are looking for. Where is the Corporate Social Responsibility as an industry? The industry was not in existence 15 years ago, but it has become a N10 trillion industry. So, why will they not look at it as something to give to the downtrodden people?” he asked.

The President, Pension Fund Administrators Association of Nigeria (PenOp), Mrs. Aderonke Adedeji, said: “There are no new developments. We already identified that the MPP has different characteristics from the main scheme.

“It is not mandatory, so it is going to take time to grow. We need to be patient with it and continue to promote its benefits.”

When asked about stakeholder’s perception of the operator’s low awareness creation, she said they are doing their bit.

But Pencom Head of Corporate Communications, Mr. Peter Aghahowa told The Nation that there was the need for them to restrategise.

Aghahowa said the Commission is also not  happy with the achivements of the MPP in one year, adding that they have plans to move it forward.

“It has been challenging and the report is not as we want it. We will be meeting with the PFAs very soon.

“The strategy when the product was launched was that PenCom as the regulator will stand behind operators as they go to the market with the product because they are the one in the business.

“We expect awareness of the people to be a collaborative effort. We believe that it cannot be left for one of the parties to do.

“But we have learnt that we need to have something more coordinated to achieve the objectives of the MPP”, he said.

But AIICO Pension Limited seem to be the only company that has introduced the product to its customers and the public.

The Managing Director, AIICO Pension, Mr. Longe Eguarekhide , at the MPP launch  said it had been difficult to find people take up the micro pension, prompting the company to look at the environment very carefully to carve a niche entry for the product and then build on it.

He said in trying to break the jinx around micro pension, the company designed the product entitled: “Gift-a-Pension” for employers of domestic staff and personal aides.

He said the product will enable the employers reward their personal and domestic staff by giving them the product and contributing for them regularly.

“We have looked all over the globe and  found that the pension scheme is a very potent way of developing the informal sector pensions.”

The Head, Strategic Planning and Corporate Communications, AIICO Pension, Mr Olubankole, added that they realised that  the MPP is not gaining the kind of traction it should get because a lot of people who wanted to key into it could not afford it.

“Yes, pension is for everybody but the truth is that it is not cheap. It takes dedication, understanding and good disposable income. We realise that a lot of people do not have the extra disposable income to give for pension and so we came up with the initiative of ‘Gift-a-Pension’, where people who have a little extra can give that pension, which is a gift of a lifetime to domestic staff. This product takes the burden off this people to their sponsors.

“Also because we understand that sponsors usually have busy schedules, we have put in place a seamless process with a technology platform that would enable them to purchase the product from their mobile phones,” he added.

 

 

By Bola Adegbaju

To some people, retirement is a period of enjoyment and to others it is still a time to work, work and work. If you want to enjoy your retirement, you have to plan for it. One of the ways you plan is buying a Life Annuity.

An Annuity may be defined as a periodical payment made by the life office to the annuitant (the person on whose life the contract depends), in exchange for purchase money, for the rest of his life. This income is paid to Annuitant throughout remaining lifetime, no matter how long the retiree lives.

There is guarantee that income cannot reduce no matter what happens

Some common types of life annuity

• Immediate Annuity: An immediate annuity provides, in return for a single premium, an annual payment starting immediately and continuing for the rest of the annuitant’s life.

This type of annuity often purchased by retired people who want an income that is guaranteed to last for the rest of their life, no matter how long.

• Deferred Annuity: A deferred annuity is a contract which provides for an annuity to be payable commencing at some future date. The period between the date of the contract and the date the annuity payment commence is often called maturity date or deferred period. On the maturity date, annuity becomes payable and will continue for the rest of annuitant’s life. If the annuitant dies during the deferred period, the premium paid will be returned with interest to the beneficiary.

Annuity premium payment

• Single Premium: Deposit of lump sum with the insurance company and earn a stable income for life (Salary for life). This type of payment can be applicable to Immediate Annuity or Deffered Annuity.
• Periodic level Premium: The premium is spread over a specific duration agreed on at inception and the insurance company pays the salary for life. This is only achievable with Deferred Annuity.

Benefits Of Annuity

–              Used as a tool for making pension provision at retirement.

–              Used to make provision for a child’s education.

–              For investment purposes.

–              For incapacity benefit (disability).

–              Taking by a breadwinner for life protection purposes.

–              Income is secure and not subject to market fluctuation.

–              Premium paid and income are currently tax exempt.

–              Can be arranged to combine several options (e.g. increasing, spouse etc.)

–              Risks associated with managing future income is transferred to the insurer.

–              There is no fear of lack of income no matter how long the Annuitant lives.

Steps to take

• Notify your PFA (if you intend to buy Annuity with your RSA balance) of your intention to retire within 6 months to your retirement .
• Obtain from your PFA your projected RSA balance

(projected to your retirement date).

• Obtain annuity quotes and provisional agreement from the insurer & present to your PFA to ensure the release of your fund to the insurer or pay a lump sum.
• Annuity contract will be executed within 21 days of payment.

Facts about annuity

• The income is determined by the purchase price, age and the choice of plan.
• You can buy both Life Annuity and Programmed Withdrawal with your Retirement Savings Account (RSA).
• You can only have a change of annuity provider after 2 years of commencing the contract.
• If an annuitant dies within the guaranteed period and there is a spouse option in force, the surrender value for the guaranteed period is paid lump sum and spouse begins to take income from end of guaranteed period.
• A mortality check is done to confirm that the annuitant is still alive.
• After Life Annuity contract has been executed, the spouse’s age cannot be changed because that determines the start income.
• Your income is determined from the outset and cannot be changed mid-way
• You can buy as many Life Annuity contracts as you can afford.
• Income from a Life Annuity contract is tax exempt, being an insurance policy.

Our Reporter

The Chairman, Sovereign Trust Insurance Plc, Mr. Oluseun O. Ajayi has lent his voice to the discourse on the future of insurance practice.

Ajayi, also the pioneer Managing Director, spoke at an interactive session to mark the 25th Anniversary of the underwriting firm in Lagos.

He stated that technology, and specifically, insure-tech is the way to go in driving the business of insurance in the country.

He said the number of Nigerians were yet to be captured in the  insurance net far outnumbered those enjoying insurance service.

Read Also: Firm introduces new technology to drive tax compliance 

He said: “Operators in the insurance market space are yet to take optimal advantage of the tele-density in the country both in the urban and rural areas in pushing the frontiers of their products and services to Nigerians, far and near.

“Managers of insurance business in Nigeria should consciously and deliberately invest in robust Information Technology apparatus that will assist in providing top-notch service delivery to their customers, home and abroad.”

He alluded to the statement made by the Acting Commissioner of Insurance, Dr. Sunday Thomas of NAICOM, that the Commission would ensure that insurance would be digitalised from this year.

He noted that the initiative is a right step in the right direction, if properly implemented.

E-mail: omobola_m@yahoo.com. Phone no. 08117340360

JIMOFOR: My name is Ejimofor from Imo State. I am a retired railway pensioner.

I refer to a complaint by Mr. Isa from Nasarawa State published in your widely read The Nation on 29/1/2020 and 19/2/2020 and hereby align myself with Isa that PTAD is owing Railway pensioners 12 months’ arrears of 33 per cent pension increase during President Goodluck Jonathan Administration and that Railway pensioners are the least paid in the country.

PTAD is not correct to say that Isa’s complaint is an assumed liability by some group of Railway pensioners and that the group is yet to forward any supporting document.

I hereby refer PTAD to the submission railway pensioners made in Section (D) of the verification form issued to them during the last verification, therein we attached our bank statement of account from January 2015 to August 2019, which shows clearly how many months of the 33 per cent that has so far been paid to the Railway pensioners. In the form also we complained about the non-implementation of the harmonisation of railway pensioners as was approved during by Yar’Adua/Goodluck Jonathan’s Administration.

PTAD should please look into our complaints and do the needful. Thanks.

THE NATION: The Nation will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

MRS ONIYE: God bless The Nation’s Pension Column. My name is Mrs. Oniye. I retired from Federal Government College, Idoani in April,1999, as Grade 2 Typist, G.L 5 Step 10. My gratuity was paid on June 7, 2007. I have not been paid any monthly pension. Please see to my problem by helping me to contact the Pension Transitional Arrangement Directorate (PTAD) on the non-payment of my monthly pension since 1999.

PTAD: The pensioner is advised to send her complaint, name and account details to complaints@ptad.gov.ng. Her telephone number as provided is not reachable.

ALICE: My name is Alice. Thanks for The Nation’s concern on pensioner’s matters. I did verification since August 2017, but PTAD has not paid me till date. Kindly assist, several pensioners have gotten their pension. I am a state pensioner with federal share. I retired on April 30, 2008 without payment till date. Thank you.

PTAD: The pensioner’s complaint has been investigated. She will receive payment as funds are allocated and released by the Federal Government.

STEVEN: I am a retired teacher from Ifako International School. I also worked at Barachel Model college. I was receiving pension of N24,684.76 but since 2003, nothing has been given to me. My NPF number is withheld. I will be happy if you can help and see that the money is paid.

PTAD: The pensioner was called several times without a response. He is advised to send his complaint, name and account details to complaints@ptad.gov.ng.

BENJAMIN: I am Benjamin. I retired in 2006 from the old NEPA/PHCN and by transition from NELMCO to PTAD. My monthly pensions of January and March 2015 were omitted. I went to PTAD five times and did all I was told to do, but to my surprise, each time I went there, they would tell me ‘no fund’ Please help me.

PTAD: The pensioner is required to submit his bank statement from July 2014 to date to PTAD Office Abuja, including his complaint to enable us investigate and resolve his complaint.

Atakah: Following my complaints on my unpaid pension arrears and the directive given by PTAD through the newspaper, I sent my complaint to the Executive Secretary PTAD on August 14, last year via email. On September 18, last year, I got a phone call from PTAD that I should send the following: (1) Attestation Form (2) Pension Advice (3) Statement of Account to Lawal of Police Section in PTAD. But I recall that I have sent all these except attestation form, which others were paid without it. We did not use attestation before we were paid our gratuity in the old police pension before our merger with PTAD. My hope lies in you. Thanks for your efforts. God bless you.

PTAD: We have called the pensioner on the case of his unpaid pension arrears between 2001 and 2017 and advised him not to attend any verification again because he had already been verified. The pensioner will need to submit his bank statement from 2001 to date as the bank statement submitted during verification is insufficient.

If eligible, PTAD will ensure that he receives his arrears as funds are allocated and released for the purpose by the Federal Government.

MRS OMOGBOYE:  My late husband, Sergeant Omogboye, died on February 26, 2004. His next-of- kin (NoK) are his three children and I.The gratuity received was N239,000; pension for one of the children N276,000; another N314,000; Monthly payment of pension N2,880.80.

The pension was paid to only two children while the other two have not received any money.

Kindly assist so that the others can get their entitlement.

PTAD: Sgt. Omogboye(deceased) NoKs -Wife and three others: The operational department (Police Pension Department) has advised as follows:

1. All NoKs should provide their bank statement from the date the account was opened to date.
2. NoKs should provide their BVN slip 3.

NoKs should provide their birth certificates and verification slips.