The Nation Newspaper

Category: Pension

  • CPS: How PenCom is growing pension assets

    CPS: How PenCom is growing pension assets

    Though it was initially greeted with skepticism, the Contributory Pension Scheme (CPS) has defied the odds, demonstrating stability and growth of funds, the Director-General(DG), National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, has said.

    The DG made this known in a statement obtained by The Nation.

    According to her, the efficacy of the safeguards embedded in the CPS are evident in the accumulation of pension fund assets, which reached N18.36 trillion as of December 31, 2023, an impressive increase from the N2 trillion deficit witnessed prior to the scheme’s introduction.

    Moreover, she said, the CPS has registered over 10 million Retirement Savings Account (RSA) holders since its inception.

    She stated that before the introduction of the CPS, the landscape of pension administration was riddled with challenges.

    She expalined that these challenges, ranging from lack of accountability and transparency to weak administrative structures, plagued the system.

    However, two decades since the inception of the CPS, the scheme has shown resilience, when compared to the shortcomings of the old Defined Benefits Scheme (DBS), she noted.

    On the safeguards, Mrs. Dahir-Umar stressed that ring-fencing of assets through the separation of custody and management; daily monitoring of fund investments; segregation of funds from the assets of pension operators; prohibition of applying pension funds as loans or as collateral for loans; strict licensing requirements; and effectiveness of the CPS safeguards have been critical to the growth and security of the funds.

    Ring-fencing of pension assets through the separation of custody and management functions

    She said: “The Pension Fund Administrator (PFA) manages the pension funds without having direct access to the funds, as custody is vested in a separate entity, the Pension Fund Custodian (PFC). In effect, while the PFA makes day-to-day investment decisions, in line with the Investment Regulations issued by the National Pension Commission (PenCom), it is the responsibility of the PFC to effect payments for the investment and receive any dividends or profits therefrom, on behalf of the PFA, while PenCom ensures that both parties adhere to regulations governing the pension funds.

    “Indeed, the cardinal principle of separation of custody from management and supervision has resulted in a pension scheme with a sound internal mechanism for transparency and accountability. The ring-fencing of pension fund assets and regulatory non-interference has resulted in the consistent growth in a large pool of pension assets.”

    Daily monitoring of pension fund investments

    “PenCom requires PFAs to submit daily valuation reports on the pension fund investments.These reports provide the details and value of investments made with the pension funds as at the end of each day. The implication is that PenCom is able to ensure that investments are in accordance with the Investment Regulations and could identify any infractions for corrective action. In effect therefore, the safety of the pension funds is monitored by PenCom at all times.”

    Segregation of pension funds from the assets of operators

    “There is a complete separation between the pension funds and the assets of pension operators. This means that an operator is not allowed to combine its company funds with the pension funds, which are held in exclusive accounts, kept in safe custody by the PFC. In effect therefore, a pension operator’s insolvency will not impact negatively on the pension funds. Indeed, where an operator is incapacitated by capital inadequacy for instance, the pension funds will simply be transferred to another solvent operator, under the direction of PenCom. This segregation of pension funds has further assured the transparency of the CPS.”

    Strict regulation on investment of pension funds

    “The investment of pension funds by PFAs are strictly regulated by the Investment Regulation, issued by PenCom. The regulation prescribes allowable investment outlets and sets upper limits in percentage of funds that can be invested. This ensures that risks are properly managed to ensure safety of the funds. The PFA’s exclusive responsibility for investment decisions is only limited by compliance to the provisions of the Regulation.”

    Prohibition of applying pension funds as loans or as collateral for loans

    “The pension funds are secured for the purpose of providing retirement and terminal benefits for the RSA holders. Consequently, pension funds are prohibited from being given out as loans or applied as collateral for loans. This has prevented the depletion of pension funds through non-performing loans taken by the RSA holder or the PFA granting a direct loan to a third party.”

    Read Also: House invites CBN Gov over REMITA leakages

    Strict licensing requirements

    “The Pension Reform Act 2014 (PRA 2014) prescribes a strict licensing regime to operate as a PFA or PFC.This includes possessing the professional capacity to manage pension funds, an undertaking not to engage in any other business except that of management of pension funds. In addition, such applicants must satisfy that they have never managed or administered any fund that has been in distress prior to the application.”

    Effectiveness of CPS Safeguards

    “The CPS safeguards have proven highly effective in ensuring the security of pension funds in Nigeria. These safeguards have significantly enhanced transparency, accountability, and overall efficiency within the CPS. Key indicators such as the substantial increase in pension fund assets and CPS membership attest to the success of these measures. However, these safeguards have been largely effective due to the strong regulatory and supervisory oversight by PenCom,” she added.

    She said the transition from the DBS to the CPS represents a significant evolution in pension administration.

    “The CPS, characterised by robust safeguards and careful management, has effectively tackled longstanding issues of accountability, transparency, and administrative weaknesses.

    “These safeguards, including asset ring-fencing, regular investment monitoring, stringent fund management regulations, and prohibition of misuse, have not only protected retirees’ interests but also bolstered confidence among stakeholders. Overall, the CPS has ushered in a period of resilience and progress, ensuring the growth and stability of pension funds while fostering trust in the system,” she added.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADESIYAN: My name is Adesiyan. I did my verification in December 2023, was successful and I was issued a number. But to my surprise, I got a message instructing me to process my I’M Alive again, which I did immediately. The verification on January 31, 2024 was equally successful. Please, note for your actions. Thank you.

    PTAD: Please, disregard any text message, asking you to verify that you are still alive before the six-month period expires.

    ABUH: Good day, I am still being underpaid. Please, help me like you.

    PTAD: Not reachable via phone.

    OLUJAFADE: My name is Olujafade. I retired in 1986 on grade level nine, promoted to 10 and advanced to 12 because of my grade one academic and diploma university qualifications. But my promotion from nine to 12 was not implemented before retirement. Kindly correct and pay my arrears in gratuity and pensions.

    PTAD: Not reachable via phone.

    RTD ASSISTANT SUP ESSIEN: It is pertinent to know the time retired police officers under PTAD are required to carry out I Am Alive confirmation. I was among those who received text messages from PTAD to do I am Alive confirmation in October 2023. I was mandated to do it on October 20, 2023, I received another text message to do my Confirmation before February 10, 2024. When I  contacted some of my colleagues to know whether PTAD sent such information to them, they said no. Since then, I have been restless. I want to know from PTAD what the time limit for I Am Alive confirmation should be.

    PTAD: Please, disregard any text message asking you to verify that you are still alive before the six-month period expires.

    AKINMUSAYO: I am complaining on behalf of my father who retired 19 years ago from the Ministry of Defence but is yet to get gratuity.

    PTAD: Computed and audited.

    OLORUNMAIYE: Good day, I write on behalf of Olorunmaiye. I am making this complaint because he has tried the process the I’ Am Alive several times but yet to be successful.

    In his recent verification, due to an error, they stated, “Account Number Not Correct”. This is the account he has been using for over 30 years and he used it in previous verification and was successful. Kindly help him.

    PTAD: He should provide a verification slip.

    OHAEKELEM: Good day, Omobola. I am new to your page. I was directed to check The Nation newspaper last Wednesday for answer to my inquiry.

    Read Also: Be patient with us, Speaker Abbas appeals to Nigerians

    I bought the hard  newspaper last week and found no information. How do I follow up on recent event, posts and information?

    PTAD: Advised to be specific with her complaint and include her account number

    GOSHWE: Good day. I am Inspector Goshwe (rtd). My phone has been bad for over eight weeks. I repaired it in November 2023 and discovered that I should have completed the second phase of I am Alive  before November 10, 2023.

    I rushed to a friend to help me. But when trying to take my photo, it  showed ‘no network’.

    Please, what can I do to complete the process? Will my pension be paid as usual? I am deaf. Kindly help me.

    PTAD: You are advised to visit any of our State Liaison offices close to him for assistance.

  • Pensioners criticise Fed Govt’s decision to scrap PTAD

    Pensioners criticise Fed Govt’s decision to scrap PTAD

    • NUP calls emergency meeting

    Pensioners under the old pension scheme have expressed their disaffection with the Federal Government’s decision to scrap the Pension Transitional Directorate Arrangement (PTAD).

    Recall that last Monday, the Federal Executive Council (FEC) presided over by President Bola Tinubu, adopted the Orosanye Committee’s report on prunning the Ministries, Departments and Agencies (MDAs).

    There was silence at the Directorate as many staff members were thrown into confusion on the way forward.

    Top sources in the industry alleged that some civil servants at the Head of Service (HoS) office were behind the inclusion of PTAD as one of the agencies to be scrapped.

    A top source claimed 44,720 civil servant pensioners and many others in the ministry and parastatals, who are fake, and have been penciled down to be dropped from the payroll in April, had been working behind the scene to pull PTAD down.

    Another source said: “PTAD’s inclusion among agencies to be scrapped seems to be instigated by some bad elements in the civil service. I also believe that there is no due diligence on some agencies or parastatals listed. Imagine that NAPEP, which has been scrapped about 10 years ago, was mentioned among the new agencies be scrapped. I believe this is only a recommendation and hopefully, it will be reconsidered.’’                 

    Also, another source said: “PTAD has stepped on the toes of fraudulent people in the system. Recently, PTAD has been removing fake pensioners from payroll, cut down on exaggerated pension and increase payments of pensioners that genuinely deserve it. Those who should get less started getting less while those that should get more started getting more.

    “Some civil servants that are not able to infiltrate the pension payroll to put bogus payments are the ones that have instigated the addition of PTAD to be scrapped.’’

    The National Union of Pensioners (NUP) has called an emergency meeting of its executive members.

    Its President, Godwin Abumisi,  in an interview, expressed shock, stating that the scrapping of PTAD would create problems for them.

    He said he had been inundated with calls for protest by pensioners in less than 24 hours that the news broke.

    He believes that the government is making a mistake because no other agency, not even the Ministry of Finance, can handle pension administration the way PTAD has handled it.

    “Before PTAD came on board, I remember that I used to take night bus  to Abuja for what the Head of Service called verification. Such verifications were designed to rip off pensioners at that time. We suffered a lot. Many people died on the way from their various locations to Abuja. So, PTAD’s establishment was a great relief to pensioners.

    “Our fear is that we may begin to relive the experiences of the past where ministries treated the work of pension as they treated ministerial work and this would make pensioners to visit their office for one thing or the other. But now, we don’t visit PTAD office.

    “They have everything in their platform such that they know all what is happening at a go. So, why remove PTAD?  This is coming as a rude shock to us.

    “I have been inundated with protest by pensioners within in less than 24 hours that the news broke and I had to cut short my journey immediately to return to Abuja to call for meeting of National Executive Council (NEC) to decide the step to take. What we know is that we don’t want to have the old pension experience. Look at the parastatals under the Ministry of Finance. They cannot even handle them well, yet they want to add a big agency like PTAD. We are going to suffer heavily,” he stressed.

    Read Also: House invites CBN Gov over REMITA leakages

    A Power Holding Company of Nigeria (PHCN) pensioner in Ibadan, who refused to be named, said PTAD should not be scrapped, because  its officials are doing very well.

    “I am receiving my monthly pension and I am happy. The thought of going back to the ministry, which will consequently reverse us to the old days is traumatising for me. The old days of pension system in Nigeria was oppressing.

    “With the new days which began since the establishment of PTAD, we have been receiving our money with many records updated. Taking us back to the Ministry of Finance is taking us back to days of punishment and affliction.We appeal to President Tinubu to let PTAD stand on its own and not be transferred to the ministry,” he added.                                                                                                                                     

    A senior official at PTAD, who does not want his name in print, said: “The enemies of the savings we are doing for the government are legion. They have succeeded. The Ministry people want to go back to the old ways.”

  • IEI Insurance gets new office

    IEI Insurance gets new office

    • •Repositions

    International Energy Insurance (IEI) Plc has opened a new office in Victoria Island, Lagos.

    Its Managing Director, Mr. Olasupo Sogelola, stated that the event emphasised the company’s commitment to improving its service delivery and expanding its footprint in the industry.

    He said the company is repositioning and is set to be among the top three insurance companies in the country.

    He said: “Repositioned for Growth” becomes more than just a theme as we unveil our state-of-the-art office, designed to provide a conducive and collaborative work environment. The meticulously chosen location in Victoria Island reflects our dedication to maintaining accessibility and convenience for its clients, solidifying our position at the forefront of the insurance industry.

    “The commissioning of our new office marks a pivotal moment in our journey. We are committed to repositioning the business for growth and excellence in service delivery and client satisfaction. We are driven by our vision to be the preferred insurance provider in Africa through innovation, professionalism and exceptional service delivery. IEI remains committed to providing top-notch services to clients across the continent. We are positive in our ability to materialise this vision.’’

    The ceremony was attended by Oba Abdulwasiu Omogbolahan Lawal, Abisogun II, the Oniru of Iru Land; President, Chartered Institute of Insurance of Nigeria (CIIN), Mr. Edwin Igbiti; President, Nigerian Council of Registered Insurance Brokers, Mr. Tunde Oguntade; former President, CIIN, Dr. Funmi Babington-Ashaye; among others.

    Oba Omogbolahan Lawal, who  inaugurated the edifice, congratulated the Board of Directors and management, for their resilience to reposition the company.

    He noted that this was happening despite the economic conditions, urging Nigerians to be resilient and believe that the economy would get better soon.

    The Chairman, Norrenberger Group, Mr. Bukar Goni Aji, noted that the fortune of the company went down to the extent that the National Insurance Commission (NAICOM) had to step in to get an interim board to manage its affairs.

    Norrenberger also stepped in and invested and things were turned atround, he added.

    “It is a complete reverse. There are about 60 per cent new staff with new strategy. In less than a year, the company has being repositioned to serve Nigeria.

    Group Managing Director, Norrenberger, Mr. Tony Ede, said he was excited to have invested in IEI Insurance.

    He recalled how the NAICOM took over IEI, leading to Norrenberger’s reinvestment and take over.

    “IEI is a company that the regulator put up for sale. We saw the great opportunities that exist in the space; we came in and took over the company. We have been providing both human and financial resources to keep the company going. Today, the company is doing great.

    Read Also: Be patient with us, Speaker Abbas appeals to Nigerians

    “The new office is a classic example of what the company has done. We have moved from our derelict office in Jide Oki Street to a gracious and beautiful office. We are committed to make IEI one of the most successful insurance companies in Nigeria. Going forward, we will continue to invest in the business, drive technology, among others. We will also get the best of the market in terms of human resources to run the company.

    “We have no regret investing in the company. It is our vision that in the next five years, we will be one of the leading insurance companies in the land. As at December, we were adjudged to be the fastest growing insurance company at 264 per cent growth rate. This is just a tip of an ice berg because we will change the landscape completely in the next five years”, he added.

  • Royal Exchange General Insurance makes key appointments

    Royal Exchange General Insurance makes key appointments

    Royal Exchange General Insurance Company (REGIC) has announced some appointments in its Management team. They are Mr. Sunny Uwagboi, the Executive Director (ED); Udoka Eze Martins, is the Regional Director, Abuja and North; Dr. Joyce Odiachi, Head, Technical Services; and Mr. Adeseye Ajibulu, Head, Claims and Technical Risk Management.

    Read Also: NDIC: deposit insurance key to financial system stability

    Managing Director/CEO, REGIC, Ebelechukwu Nwachukwu, said: “We are delighted to welcome these accomplished professionals to the REGIC family. Their collective expertise will undoubtedly contribute to the continued success and growth of our organisation.’’

  • STI spreads love to highway managers

    STI spreads love to highway managers

    AS part of their Valentine’s Day celebration, Sovereign Trust Insurance (STI) Plc’s staff members took to the streets to spread love to workers of the Lagos Waste Management Authority (LAWMA) popularly known as Highway Managers.

    The STI’s workers distributed items such as gloves, water bottles and takeaway packs to officials of LAWMA in Falomo, Bourdillon Road, Lekki Phase 1, Eti-Osa, Osborne Road, Ozumba Mbadiwe Road, and Adetokunbo Ademola Street.

    STI Managing Director/CEO, Olaotan Soyinka said the initiative was not just about gifts, but also about recognising the essential role that LAWMA play in the state.  “They are often unsung heroes, working long hours in challenging conditions to ensure a clean and healthy environment for all of us.

    Read Also: Tinubu still the best man for the job – Ogunlewe

    “By showing our appreciation, we hope to not only brighten their day but also inspire others to acknowledge their valuable contributions,’’ he added.

    Also, STI’s spokesperson, Segun Bankole, said the gesture was in recognition of the important role the Highway Managers play in ensuring that Lagos and its highways are kept clean.

    He said the underwriting firm appreciates that there is there is dignity in labour.

  • ‘How retirees can access retirement benefits’

    ‘How retirees can access retirement benefits’

    An  understanding of the Contributory Pension Scheme (CPS) and fulfilment of some conditions can eliminate delays in benefits payment, the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said.

    Mrs. Dahir-Umar, in a statement, said retirement is significant to every worker, becuase it marks the transition from years of hard work to a period of reaping the fruits of labour.

    She, however, said retirees who were not properly armed with information on the early commencement of processes for accessing benefits could encounter  challenges.

    She maintained that the CPS was established to ensure that every worker receives their retirement benefits promptly.

    The PenCom chief pointed out that the Revised Regulation on the Administration of Retirement and Terminal Benefits by PenCom in 2022 had significantly improved the retirement benefits payment processes.

    She said: “Accessing the Retirement Savings Account (RSA) for  retirement can be done under circumstances, including mandatory retirement, compulsory retirement and retirement on medical grounds.

    “The Revised Regulation on the Administration of Retirement and Terminal Benefits has comprehensive provisions on how RSA holders can access their retirement benefits.”

    She urged prospective retirees to acquaint themselves with its provisions to  enable them access their retirement benefits.

    She assured that the commission remains dedicated to the effective regulation and supervision of the pension industry to ensure that retirement benefits were paid on time.

    Grounds for retirement

    Mandatory retirement occurs when an employee disengages from service upon reaching the retirement age or completing the length of service stipulated in their employment terms, typically after attaining 50 years. There are various retirement ages in Nigeria depending on the terms of employment.

    Compulsory retirement under the CPS happens when an employee is disengaged from service in accordance with the terms and conditions of employment before attaining 50 years.

    Retirement on medical grounds is when an employee disengages from service before attaining 50, having been certified by a qualified physician as incapable of performing their job functions due to permanent disability of either mind or body.

    Responsibilities of prospective retirees

    To facilitate a smooth process for retirement benefit payments, RSA holders must fulfil certain responsibilities, which include notifying their Pension Fund Administrators (PFAs) of their intention to retire six months preceding the retirement and submitting documentation. The documents required are the Notice/Acceptance of Retirement issued by the employer, indicating the intention to retire.

    Also, the last three pay slips or any other evidence of total yearly emolument must be submitted.

    Employees of the Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs) that were in service as at June 2004, are required to be enrolled and verified.

    PenCom has deployed an online enrolment application automating the enrolment of these prospective retirees, which is conducted a year before retirement.

    Furthermore, any document confirming that retirement aligns with the terms of employment is necessary. This may include a letter of employment, condition of service, or Staff Handbook, particularly for compulsory retirement.

    A medical certificate confirming the RSA holder’s inability to continue in employment due to incapacitation is essential for retirements based on medical grounds.

    In addition, RSA holders must also furnish the PFA with other documentation. This includes the RSA holder’s birth certificate or declaration of age, serving as verification of the retiree’s age at retirement and ensuring compliance with retirement age requirements.

    Furthermore, a prospective retiree can choose between Programmed Withdrawal (PW) and Retiree Life Annuity (RLA) at least three months before retirement by familiarising themselves with CPS Retirement Packs available on PFAs’ websites.

    Read Also:PenCom enhances workers’ retirement benefits through benefits schemes

    The RSA holder has a right to negotiate and choose to collect either the maximum lump sum due to him/her or take a minimum lump sum, in order to boost his monthly or quarterly pension based on retirement benefits computations. A retiree is also allowed to change the periodicity of payment not more than once a year.

    The prospective retiree is also to complete consent forms and provide banking details for prompt remittance of pension payments. All the responsibilities, when dully fulfilled on time, will ensure that retirement benefits and pensions are paid promptly.

    Responsibilities of PFAs

    PFAs play a crucial role in ensuring that retirees receive their benefits promptly. One of such crucial roles is to contact prospective retirees at least four months before retirement to initiate documentation processes.

    PFAs are expected to provide guidance on retirement options and assist retirees in completing forms.

    The PFA also computes retirement benefits accurately using standardised templates, inform retirees of lump sum and pension options and facilitate timely payments of retirement benefits after documentation completion. In addition, the PFA submits payment requests to PenCom for review and approval prior to payment.

    Responsibilities of named beneficiaries

    In cases of deceased retirees, named beneficiaries must approach the deceased’s PFA to apply for death benefits. Such named beneficiaries are required to complete death notification forms and provide documentation to claim death benefits.

    The documents include evidence of death, letter of administration, Will admitted to Probate or Order from a court of competent jurisdiction.

  • ‘I am Alive’ platform excites pensioners

    ‘I am Alive’ platform excites pensioners

    Pensioners have been confirming themselves on the Pension Transitional Arrangement Directorate (PTAD)’s ‘I’m Alive  Confirmation’ platform, findings by The Nation have learnt.

    PTAD had in April, last year unveiled the online platform for pensioners to periodically confirm that they are alive so that they could continue to receive pension.

    This solution is aimed at taking away the stress of continuous field verifications for Defined Benefit Scheme (DBS) pensioners who are  on PTAD’s payroll.

    Executive Secretary, PTAD, Dr. Chioma Ejikeme reiterated that the platform helps to confirm the aliveness of pensioners from the comfort of their homes or neighbourhoods using a smartphone or computer system.

    She said: “Pensioners do not need to embark on stressful journeys for physical verification again.

    “Pensioners are required to log on to the PTAD’s website www.ptad.gov.ng in a well-lit environment and begin the process to confirm their aliveness.

    Read Also: PTAD: Resolving pensioners’ issues

    “The I Am Alive confirmation is very simple, safe and easy to use. A pensioner can be assisted by a family member or friend to carry out the confirmation. There has been no stress verifying pensioners on the part of PTAD and the pensioners. It is one of the best things to happen to pension administration.”

    She said the diasporan pensioners were expected to participate in the programme, nothing that it is not only open to Nigerians in the United States but also in those in other parts of the world where Nigerian pensioners reside.

    She said this would enable PTAD to plan for them.

    On the steps to follow for the  Facial Confirmation, she said: “The first step is for the pensioner to log on to PTAD’s website: www.ptad.gov.ng using a smart phone or computer system, click on the “I Am Alive” icon at the top of the page and follow the instructions.

    “Secondly, they are to start the “I Am Alive” confirmation, following the two-step validation process, enter their pensioners numbers as well as their bank account.

    “Thirdly, they are to take their photo which will be validated with the existing picture in the PTAD database; perform the aliveness check by moving their face to follow the moving object on the screen; when the aliveness check is completed, confirmation page will display “Successful”.

    Finally, the pensioner will receive an SMS notification of the successful completion of the process.’’.

  • Lagos to clear pension backlog in April

    Lagos to clear pension backlog in April

    Respite may soon come the way of Lagos State pensioners with accrued pension rights. This is because Governor Babajide Olusola Sanwo-Olu has promised to clear the backlog of arrears by April, this year.

    The governor spoke at the 103rd Batch Retirement Bond Certificate Presentation in Lagos.

    By April, he said, stated that his administration would have covered nearly half of the total payments made by previous administrations since the inception of the Contributory Pension Scheme (CPS) in the state.

    He said: “I am pleased to announce that we have made substantial progress in this regard and I am confident that before the end of my tenure, our aspiration for a “Pay As You Go” model will be realised. My administration will continue to run an open government that acknowledges our diversity and promotes inclusion. I want to reaffirm that no matter your age, gender, sex, tribe or special needs, as long as you are an employee of the Lagos State Public Service, whether in active service or retired, your welfare and well-being is top priority.

    Read Also: Residents trapped as flood submerge 151 houses, bridge in Lagos

    “I am happy to note that Lagos State has continued to be the leading light, not only in the administration of pension benefits but generally in good credible governance. We are a top performer in pension payments among other quality indices of the CPS. This was attested to at the Y2024 Africa Brand Awards and the Y2024 Africa Public Sector Leadership Awards where Lagos State Pension Commission won the Gold Award for Best Employee Welfare Pension Company of the year and the Director-General emerged as the Pensions Personality of the year.

    “Let me assure you that the Lagos State Government, through the Lagos State Pension Commission, is assiduously working to ensure that Public Service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.”

    Sanwo-Olu expressed confidence in LASPEC DG and members of commission for their diligence and commitment to innovation, excellence, and professionalism. He charged them to keep up the good work and aim for greater accomplishment.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    SHAGOSHA: I wish to remind you of the non-payment of the death benefit of my  sister Patience, who served in the Nigeria Police Force in Dutse Division, Jigawa State. I would be very grateful if my request is considered. Thank you.

    PTAD: The Next of Kins (NOKs) are to forward an enlistment letter; bank statement from January 2010 to date; and declaration of age.

    AYOOLA: Hello, my complaint is about the stoppage of monthly pension.               .

    PTAD: Pensioner was in the employment of Local Government before March 31, 1976, and he is not eligible for Federal share of pension under the Directorate.

    SUNDAY: Good day, my name is Sunday from Cross River State. My father died since July 10, 2005 while in the Police Service. He is the late Inspector Okimba. His last place of service is Akwa-Ibom State.

    I went on to process his entitlement as his next of kin in 2015 at PTAD office, Abuja where I was verified and captured with pensioner number.

    But up till date, I have not been paid. Kindly help me.

    PTAD: There was incomplete documentation at the time of verification. NOK is requested to come with these additional documents: enlistment form; emolument form; letter of administration; marriage certificate; introduction letter from last command; valid means of identification; NOK’s birth certification; and NOK’s BVN.

    ADEWALE: Good Day, my name is Aladeokin, Cyber Cafe operator from Ado Ekiti. Many retirees come to my business for ‘I AM Alive’ verification. Many were successful but some were not after about five attempts to take their picture before it locked up, an indication that the finger verification is also not working.

    Kindly help me to know how to go about the finger verification. Thank you

    PTAD: We have contacted Mr. Adewale.

    MABINUORI: My name is Mabinuori. I received  N181,000.50 on December 16, 1987, which is the part-payment for my pension.

    Since then, I haven’t received the remaining benefit. Kindly treat this matter with urgency

    ADESIYAN: My name is Adesiyan. I did my Pensioner Identity Verification on January 1, 2024, and it was successful. I was issued a verification number but to my surprise I got another message instructing me to process my “I’M ALIVE” again yesterday, which I did immediately.

    The verification outcome on January 31, 2024 was also successful and I was issued another verification number.

    Please note for your actions. The above-mentioned verifications were on fingerprint.

    OLORUNMAIYE: Good day, I write on behalf of Olorunmaiye. I am making this complaint because he has tried the  “I’M ALIVE” several times but he was unsuccessful.

    In his recent verification, due to an error, they said: “Account Number Not Correct”.

    This is the account he has been using for over 30 years and he used it in previous verification and was successful. Kindly help him.

    SABIR: Good day. I am Abdullahi Sule from Jos and my father was Sule Maiturare. He worked at the Ministry of Defence before he died.

    Before I start let me thank you for the publication of complaint: the non-payment of his gratuity and pension.

    I have sent the statements of his bank account, including an official letter, as demanded to the Executive Secretary. Still, there was no any response from PTAD.

    OHAEKELEM: Good day Omobola, I am new to your page. I was directed to check The Nation newspaper last Wednesday for answer to my inquiry. I bought the hard copy of the paper last week and found no information. How do I follow up on recent event, posts and information?

    GOSHWE: Good day sir, I am Insp. Goshwe Rtd. My phone has been bad for over eight weeks. I just repaired it in November 2023 and discovered that I should have completed the second phase of “I’M ALIVE” process before November 10, 2023. I rushed to a computer friend to do the process but when trying to take my photo it was showing ‘no network’. Please what can I do to complete the process? Will my pension be paid as usual? I am deaf. kindly help me.

    ELLIS: Good day, my name is Ellis, the next of kin to police officer francis. I was verified in 2015 but no word from PTAD. Kindly help me.

    SULE: Good day, I am Sule from Jos. Thank you for your publication of my compliant in The Nation about payment of my father’s gratuity and pension.  He worked with Ministry of Defense before he died. Again I sent all the bank statements of account including an official letter to the Executive Secretary but still there is no response from PTAD. Thanks for your assistance.