Category: Pension

There is the need for industry players to collaborate on the best way to improve regulations on African Takaful and Non-Interest Finance, Khalifa Muhammad Sanusi II, has said.

Sanusi II spoke at the African Takaful and Non-Interest Finance Conference organised by Noor Takaful Insurance Limited in Lagos.

The event had as its theme, “Leveraging technology to build on the opportunities of Takaful & Non-interest finance in Africa’

While expressing delight at the  growth of Islamic finance in the country, he noted that there was also the need for practitioners to see technology as a big enabler in advancing the Takaful model and non-interest finance in Africa.

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The Deputy Commissioner for Insurance, Sabiu Abubakar,  stated that the Commission is trying its best to support operators in promoting the growth of Takaful in Nigeria with market-friendly regulations.

Abubakar,who represented the Commissioner for Insurance, stressed the need for players to embrace technology to expand the markets and enhance Takaful efficiency.

Former Commissioner, National Insurance Commission, Mohammed Kari, noted that though the penetration of non-interest finance was still relatively low in Africa, there was a huge market potential that needed to be tapped.

Kari, who is Wazirin Bauchi, stated that leveraging advanced technology such as chat GPT, blockchain, has the potential to enhance transparency, reduce fraud and streamline processes in Takaful and Islamic finance operations.

He advised operators to work together in restructuring the regulatory frameworks of the industry to ensure that it complies with the principles of Shariah as this would go a long way in creating a conducive environment for the growth of the sector.

Vice-Chairman, Noor Takaful, Aminu Tukur stated that Takaful has become the best alternative insurance in Africa, given the way it has gained acceptance over the years.

Tukur, who gave more insights on the benefits of Takaful, explained there was the need for stronger commitment by stakeholders to deepen penetration.

The Chairman, Noor Takaful Insurance Limited, Muhtar Bakare, explained that the conference was borne out of the need to deepen understanding and increase awareness about Takaful while resolving the socio-economic contradictions on the  continent, notably mass poverty.

He said Noor Takaful, as the leading provider of Takaful Insurance solutions, gathered the industry leaders, experts, and stakeholders across Africa, to explore the potential of technology in driving Takaful and non-interest finance in Africa.

“The conference provided a platform for dialogue and knowledge exchange, fostering a deeper understanding of Takaful and non-interest finance as ethical and inclusive alternatives to conventional financial systems. We plan to make the conference annual with intent to create an ecosystem of knowledge sharing while analysing regulatory frameworks and policy recommendations to support the growth of Takaful and Islamic finance initiatives in Africa,” he said.

The event featured several sessions that included experts from Egypt, Kenya, Bahrain, United States.

Anonymous: Greetings to PenCom and The Nation for your kind assistance to pensioners.

  Since I retired in 2009, I have received my enhancement only twice. What’s going on?

PENCOM: Dear Sir/Madam, kindly visit your Pension Fund Administrator (PFA) for clarification.

IGWEMEZIE: l retired from the Federal Civil Service in 2016. PenCom sent my accrued savings to my PFA, which is Stanbic IBTC, which paid me half of the amount while the balance was used for my annuity.

But I have been receiving strange regular calls from some people who said they were from PenCom headquarters in Abuja; that they needed my cooperation to process the increase in salary adjustment for pensioners.

They accurately told me my name, pension number and the date l retired. In fact, they have my file with them because they told me so.

According to them, N25,000 is required for them to process the said benefits or they would not treat my file.

I wish to confirm how genuine this information is before l give them more information on the matter.

Kinly reply.

PENCOM: Dear Mr. Igwemezie, please note that the National Pension Commission will never request money to serve its contributors and retirees.

Kindly direct your enquires by sending a mail to info@pencom.gov.ng.

MICAH: Good day, my name is Micah. I worked at the Federal Radio Corporation of Nigeria (FRCN) as a Principal Marketing Officer. I retired in April 2019.

I was promoted to the position of  Marketing Controller in January of the same year.

Up till today, the arrears of my  promotion have not been implemented by my PFA, Premium Pension.

A complaint was sent to the Commission. Please help look into my problem

PENCOM: Dear Mr. Micah, kindly visit the IPPIS office to resolve the issue.

ANNONYMOUS: Our dear Omobola, thank you and the Authority for helping pensioners.

I am appealing to you to help me correct the mistake I made on the payment of my monthly pension from July 30, 2021 till date.

My pension was increased from N25,817.54 to N36,722,37.The increase was paid for two months –  May and June 2021.

After that, the increase of N10,904.85. was reduced by N5,237.250 from N36,722.37 to N31,485.14. The N31,485.14 was paid from August 2021 till date. The deduction is 17 months. Total amount is N89,033.25.

Please, help me.                

PENCOM: Dear sir, kindly provide your details (Name, Employer, Retirement Savings Account PIN and Pension Fund Administrator).

ISRAEL: Dear Pencom, thank you for your wonderful services to your retirees.

I write to seek for your assistance. I worked with Halogen Security Company for four years – 2012 to 2016.

After this period of service I was not paid my pension allowance. Kindly look into my matter.

PENCOM: Dear Mr. Israel, kindly forward your complaint with copies of your appointment and resignation letters, payslips for some or all the periods of non-remittance, updated copy of your retirement savings account statement to info@pencom.gov.ng.

ANNONYMOUS: Good day, I am Tolani. My previous employer is Saidel Limited. It did not pay my pension from January 2021 till May 2023, despite pension deduction from my salary. My PFA is Stanbic IBTC. I will like to make this as anonymous as possible.

PENCOM: Dear Ma, kindly forward the complaint with copies of your appointment and resignation letters, payslips for some or all the periods of non-remittance, updated copy of your retirement savings account statement to info@pencom.gov.ng.

ANNONYMOUS: Hello, I am one of the retirees from Lagos State and I collected by bond through Stanbic IBTC Pension Managers. I have since filled and completed everything, including the agreement since June 21, 2023, but we are yet to receive our entitlements. The reason they gave us is downtime, which we don’t understand.

PENCOM: Dear Sir, we have noted your complaint. However, kindly provide your Name and Retirement Savings Account (RSA) details to enable the Commission process the complaint.

AKPADIAHA: Dear Omobola, I am Akpadiaha.

I have not received my pension since the February 13 that was fixed for payment.

As a result, I asked for my savings while in service.

The response I got after one week from my pension company, AIICO Insurance Plc, on March 22, 2023, is that I should send my details to account manager I whom I was asked to call for assistance.

I have also been calling Access PFA but I got no response. Is it because I am from Akwa Ibom State?

PENCOM: Dear Mr. Akpadiaha, kindly forwardyour complaints to info@pencom.gov.ng to enable the Commission investigate the complaint.

• By Tuedon Iyomere and Monife Olalere

The Benue State Council of the Nigeria Union of Pensioners (NUP) have demanded that the state government pay local government pensioners their three-month pension arrears without delay or they will go on protest against the government’s attitude.

The union advised Governor Hyacinth Alia to meet its demand by tomorrow or they would go on strike.

In a statement yesterday, which was signed by the NUP’s State Chairman, Michael Vembe and Secretary, Saater Bur, the union also demanded that Alia release N900 million monthly for the payment of the pensioners.

The pensioners also want the government to pay their pension arrears and gratuities, place retirees that have fully processed their papers on pension payroll this month, and pay pension within a month of a worker’s retirement from service.

They resolved that if the government failed to meet their demands, the Union would mobilise pensioners to protest next Wednesday.

The union said the government has paid three months’pension to state pensioners, but lamented that only one month had been paid to one-third of local government pensioners.

Opadeji: Good day, my name is Opadeji.

I thank you for the good job you are doing to correct the anomalies arising from pension payments.

  Please help me. I retired from NITEL on January 21, 2001 on grade level 14 as senior manager. I participated in the NITEL verification in 2001 and PTAD’s exercise in 2005.

  In 2005, when I was going for pensioners verification, my documents got missing. I sworn to an affidavit on the lost documents.    

  Because of the loss, PTAD placed me on grade level 9 and I sent complaint emails to PTAD several times but no action was taken.

  I therefore took the risk of travelling to Abuja PTAD office after the original copy of letter of promotion was delivered to me by a good Samaritan.

  My salary was subsequently readjusted to grade level 14 but less than my salary before the verification and also far less than the pension being paid to my colleagues on the same GL 14.

  Therefore, I sent many complaints on the lingering matter but were returned undelivered; perhaps, my emails had been blocked.

 Since then, I have accepted my fate. Now that I have the opportunity to forward this matter through you to PTAD, I shall be grateful if my complaint can be treated with utmost concern. Thank you.

PTAD: Pensioner is on payroll. Pensioner’s grade level readjusted from grade level 9 to 14 step 10. He should provide Bank Statement from January 2018 to date for reconciliation.

DUROJAYE:  Hello, my name is Durojaye. Thank you for the publications of my complaint of the short-payment of my pension federal share since 2015, on August 24 and 31, 2022.

Please reactivate my federal share of pension. I expect a positive action.

PTAD: Pensioner was called several times, but no response. Pensioner should provide Bank Statements from 2015 to date to authenticate his complaint.

ANONYMOUS:  Good day, I will like to know if my father is eligible for pension under Defined Benefit Scheme (DBS). He was appointed on July 3, 1989 and  removed on April 27, 1999.

PTAD: No Name and Details provided.

Sunday: Good day, my name is Sunday from Cross River State. My father died on July 10, 2005 while in active 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 (NOK) in 2015 at PTAD office, Abuja, where I was verified.

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 forward 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.

ABDULLAHI: I am Abdullahi from Jos Plateau State. My father was a staff member of the Ministry of Defence, Civilian Unit for 16 years before he died in 1995.

I have attended various verifications; the last one was in Jos in 2017.

I have submitted the required documents for the payment of gratuity and pension benefits as a Next-of-Kin (NOK), but to no avail.

In 2020 I was called by PTAD to submit some documents, including bank account details, which I did. From your publication of my case, PTAD is asking for the verification number, which I scanned and sent since then.

Omobola, please assist me.

PTAD: NOK should provide the deceased name and bank statement.

IDOWU: Good day, my name is Idowu. This is a reminder to the newspaper that I have sent my scanned verification details to PTAD as directed since July 22, 2021, but I have not received any response from them.

I retired from the Lagos State Post-primary Teaching Service Commission on April 30, 2004. The date of my first appointment at Epe Division Grammar School, Lagos State was June 1,1969.

I spent 35 years in Lagos State service. My complaints are that I have not been paid the Federal Share of my gratuity (1969-1976).

Secondly, my pension from May 1, 2004 to February 2008 was not paid. Instead, I was paid from March 1, 2008 to date.

PTAD: The Directorate would require your bank statement from retirement to date.

ONOH: My name is Onoh. I retired from the Ministry of Public Utility on May 6, 2004. This is a reminder for help over the non-payment of gratuity and monthly pension.

It’s the non-payment of my outstanding 75-month pension, which has lingered for years, despite my complaints at several pension verification fora.

I am from Cross River State. My gratuity is N244,336.32 and monthly pension is N6,244.14. I was placed on pension payroll in September 2010, leaving 75 months. This amounts to N468,310.513. Total money owed, including gratuity, is N712,646.82. Thanks in anticipation of your kind support.

PTAD: Bank statement is required from May 5, 2004 to date.

The National Pension Commission (PenCom) has urged Retirement Savings Account (RSA) holders to take advantage of the benefits of the Non-Interest, Fund VI, one of the funds under Multi-Fund Investment Structure.

According to the commission, the Non-Interest Fund VI is good for employees with reservations about investments in interest-bearing instruments as assets are invested in ethical and non-interest-bearing instruments.

PenCom Director-General, Mrs. Aisha Dahir-Umar, while speaking on the non-interest fund for RSA holders in a document obtained by The Nation said the commission introduced the Non-Interest Fund, also known as Fund VI, in September 2021 by issuing the Non-Interest Operational Framework.

She stated that the Framework has  the following objectives: expanaion of coverage of the Contributory Pension Scheme (CPS) and promoting financial inclusion, among others.

She explained that Fund VI is one of the Funds Types allowed under the Multi-Fund Investment Structure approved by PenCom.

She said the Multi-Fund Structure, or the Life-Cycle Investment Structure, seeks to align contributors’ risk appetite with their investment horizon at each life cycle stage.

She advised contributors and retirees to enquire from their PFAs and refer to the Operational Framework for Non-Interest Fund on the commission’s website www.pencom.gov.ng.

She said: “The Multi-Fund Investment Structure segregates the RSA Funds into six Fund types (Funds l to Vl). Three Funds (Fund I, Fund II, Fund III) are for active contributors, while Fund IV is for retired contributors. Fund V serves the needs of the Micro Pension Plan participants, and finally, Fund VI, which is the Non-Interest Fund and is available to active and retired contributors”.

Non-Interest Fund VI

“The Non-Interest Fund VI is a fund type whose assets are invested in ethical and non-interest-bearing instruments in line with Non-interest Principles approved by the Financial Regulation Advisory Council of Experts (FRACE).

“The Non-Interest Fund VI seeks to attract employees with reservations about investments in interest-bearing instruments, thereby promoting financial inclusion within the financial system. In addition, the overarching objectives of pension fund investments of safety and maintenance of fair returns on investments apply to Fund VI.

“Fund VI assets shall not be invested in the production or trading of alcohol, pornography, weaponry, gambling/betting, speculation, interest-earning ventures, and other ventures of similar nature, contrary to non-interest finance principles and as may be determined by FRACE from time to time”.

How to transfer Pension Savings to Non-Interest Fund VI

On how a contributor can transfer pension savings to the Non-Interest Fund VI, the PenCom DG said: “It is important to note that membership in Fund VI can only be at the instance of the RSA holder.

“Accordingly, RSA holders in Funds I, II, and III and retirees in Fund IV can transfer their RSA contributions to the Non-Interest Fund by making a formal request to their Pension Fund Administrator (PFA) in line with Section 7.6 of the Investment Regulation, which deals with transfers between fund types. The RSA holder is not required to pay any fee.

“Therefore, eligible RSA holders are only required to visit their  PFAs to request the transfer of their pension savings from their existing Fund to the Non-Interest Fund by completing and signing a consent form issued by their PFA.

“The presence of the RSA holder is necessary for authentication. After that, the PFA will move the pension savings to the Non-Interest Fund and notify the RSA holder”.

Mrs. Dahir-Umar also said, in a significant move aimed at ensuring compliance with Islamic Finance principles in the investment of Non-Interest Pension Fund (Fund VI) assets, the commission recently issued the Revised Framework for the Establishment of the Pension Industry Non-Interest Advisory Committee (PINAC).

“PINAC is expected to assist in institutionalising monitoring mechanisms for the effective compliance of Non-Interest Fund investments with ethical principles.

“The primary objectives of the Revised Framework for the Establishment of PINAC are to set out rules, regulations, and procedures for the establishment of PINAC, define the roles, scope of duties, and responsibilities of PINAC, outline the functions related to Shari’ah review and audit processes of Fund VI assets, strengthen the capacity of the pension industry to adhere to Islamic Finance principles in the investment of Fund VI assets, and define the relationship and working arrangement between the Pension Fund Operators Association of Nigeria (PenOp) and PINAC.

“The creation of the Non-Interest Fund will complement other financial sector regulators’ efforts to promote the issuance of structured products that comply with the applicable principles of non-interest finance to provide viable investment outlets for pension funds,” she added.

Are you a pensioner under the Defined Benefit Pension Scheme (DBS)?

If yes, you need not travel from one location to another to be verified by Pension Transitional Arrangement Directorate (PTAD) again.

The new ‘I Am confirmation Platform’ allows you to verify that you are alive from the comfort of your home.

Before the establishment of PTAD, one of the major challenges that bedeviled the DBS, which is the old pension scheme, is the long hours pensioners spend on queues for verification to continue receive their monthly pensions.

This is further associated with the risks of travelling from one location to another by pensioners to participate in the exercises.

The platform launched by the directorate targets pensioners in urban and rural areas and eliminates the stress of travelling with the use of a smart phone or a computer device.

How ‘I Am Alive’ confirmation solution works

A visit to the website of the directorate shows that a pensioner must visit website of the commission using a smart phone/computer system, to click on the “I Am Alive” icon at the top of the page and follow the instructions.

Subsequently, the pensioner is required to enter his/her number, as well as bank account accompanied with a photograph.

The pensioner is also required to perform the check by moving his/her face to follow the moving object on the screen. When the process is completed, the confirmation page will display it. The pensioner will also receive an SMS of the successful completion.

Pensioners can also verify their aliveness using the fingerprint confirmation alternative.

Why PTAD introduced ‘I Am Alive’ confirmation

Before now, PTAD carried out verification for DBS pensioners by going to the six geo-political zones of Nigeria and pensioners involved are to present themselves for  processing in their zones, which was always a cumbersome task and capital intensive.

The Executive Secretary, PTAD, Dr Chioma Ejikeme, said the internet-based aliveness verification platform was designed to eradicate the stress and suffering many DBS pensioners went through in the past during the verification.

She stated that the platform was PTAD’s vision to end the sufferings involved in the zonal gatherings of senior citizens in the exercises.

She said: “To ensure an efficient and effective delivery, the availability of the confirmation programme has been staggered according to departments as follows: police pensioners – April 14 to October 13, 2023; Customs, Immigration and Prisons Pensioners – June 1 to December 31, 2023; civil service pensioners – July 1 to January 31, 2024; parastatals pensioners – August 1 to February 28, 2024.

“The directorate’s communication channels are open to give assistance to any pensioner who may experience difficulties in carrying out the online exercise. The awareness campaigns are to ensure that pensioners receive adequate information about the ‘I Am Alive’ Confirmation solution platform.’’

The executive secretary noted that funding of pensions would be accurately estimated as deceased pensioners are removed from the payroll anfd that funding for field verification would be eliminated.

She further stated that pensioners were no longer required to travel long distances with the attendant stress and inconvenience to attend verification, adding that the result of the ‘I Am Alive’ Confirmation (IAAC) solution is received via SMS to the phone of the pensioner.

“The platform would ascertain eligible pensioners under the DBS, enroll eligible pensioners who were  not on the directorate’s payroll, while promptly removing the unqualified,” she added.

 Continuing with periodic field verifications to ascertain the aliveness of our pensioners is not only expensive, both for the pensioners and government but is also a stressful exercise for our senior citizens”, she maintained.

NNAM: My name is Nnam. I retired in February 2010 from State Universal Basic Education Board (SUBEB), Asaba.

  I complained that I have not been paid my pension despite going through three times verification in Abuja.

  Instead, I have been getting messages of over payment from PTAD Abuja. But I want to thank the newspaper for acting on my petition on the non-payment of my pension.

  PTAD informed me that my case was receiving attention. Since last week, they have been on phone with me. I really appreciate The Nation.

ADEPEGBA: My name is Adepegba. I am 90 years old.

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I retired from NIPOST. I was receiving my monthly pensions until September 2020 when it stopped.

I am appealing to PTAD to effect the payment of backlog of arrears and monthly pensions.

ADEREMI: Dear Omobola, l retired from NITEL. l did my verification since January 20I8 but l am yet to get my pension.

 The reply of PTAD to my complaint that was published in The Nation of February 8, 2023 about my pension and some of my other colleagues who are yet to receive since January 20I8 when we did our verification in which PTAD said l am not qualified has been answered by the report of the panel that was set up in 2001.

The panel headed by Prince Afoja looked into the NITEL and MTEL issue. When the then law maker approved some of us for pension and we were paid by BPE in 2007, 2009, 20I0 . This has overruled the circular of B63304XIII-879 of June 29, I992.

The report of the panel is with the BPE and l believe that PTAD will also have a copy. I thank you and your office.

MEDU: My name is Medu. I retired in 2006. My complaint is on omission of my three months’arrears. Kindly help me to recover my arrears, including my gratuity under NEPA/PHCN.

ENYIA: Good day, my name is Enyia from Boki Local Government Area of Cross River State.

My father was a police sergeant. He retired in 2003 and was paid gratuity in 2007. He died in 2009 while awaiting his pension arrears and monthly pension.

As next-of-kin, I have letter of identification of his next-of-kin; National Pension Commission pension advice; affidavit of next-of-kin from high court; death registered with National Population Commission; photocopy of Access Bank cheque that gratuity was paid into. Thank you.

MAIRIGA: Hello, I am Mairiga, a retired director with federal share of gratuity. I retired 2009 and was verified in 2017.

I have lodged my complaint through The Nation twice. I visited your office and sent people to facilitate the payment of my federal share of gratuity. I was asked to be patient. Life after retirement is challenging and cost of living for the elderly is very high.

Kindly assist in facilitating the payment of my gratuity. Thank you.

EFFIONG:  Hello PTAD, I am Effiong, a widow for 12 years. I have three children.

My children and I have been suffering since my husband retired and died in 2006. Up till date, his arrears, pension and gratuity have not been paid.

As the NOK, I have been verified and I was told payment was being processed. But the time is too long. I pray that I don’t die and we never get paid.

I need to pay my children’s education into the university, get engaged in small business and feed my children. But I can’t do all this if my husband’s reward is not paid.

He rendered services and died leaving behind his children and me. The government should pay his money.

OGAR: Dear Omobola, I am Ogar, a pensioner from CRS with federal share of pension and gratuity. I retired in June 2007 on GL 14 Step 11. I am being paid my monthly pension after the verification of February 2017.

But my gratuity has not been paid. I am, therefore, appealing to PTAD to pay me my federal share of gratuity.

OKORO: Dear Omobola, I read  the pension page of The Nation of November 30, 2022. I was verified by PTAD in 2019. I worked for eight years with NITEL as a guard. But I have not been paid.

I would like to know what went wrong.

IRIOGBE: Dear Omobola, I wish to express my gratitude to you for the good work you are doing for  pensioners. Please keep it up.

My matter was published and PTAD said my complaint and that of others were being attended to. We pray the government will make funds available to PTAD to pay the arrears that are long overdue.

OYIBO: Dear Omobola, my name is Oyibo. I retired from NYSC in 2005. I was cleared during the last verification that lasted for weeks in Calabar.

Since my retirement, I have not being paid for once. Now I am 54. My name appeared in The Nation that my pension has being computed but till now I have not seen any payment of arrears or monthly payment in my bank account.

Based on my calculation, I am being owed for over nine years.

THE NATION: The newspaper will intervene. Therefore Nnam; Adepegba; Aderemi; Medu; Enyia; Mairiga; Effiong; Ogar; Okoro; Iriogbe; and Oyibo should look out for the newspaper next week for responses from PTAD.

By Tuedon Iyomere

Pension Transitional Arrangement Directorate (PTAD) has unveiled an Alive Confirmation Solution video n Youtube  for pensioners.

  The agency said the video has an advanced confirmation system that uses fingerprint or facial identification to confirm that individual is  alive.

The system aims to alleviate the inconvenience and challenges faced by pensioners who had to visit verification centres for the exercise.

PTAD’s Executive Secretary, Dr. Chioma Ejikeme, stated that the latest biometric technology  is  more convenient and time-efficient,  and ensures accurate and secure authentication of pensioners.

She maintained that through the  video, pensioners could confirm that they are alive. She stated that the video guides users through the confirmation process, offering fingerprint and facial recognition options to choose from.

She said pensioners could select the option that suits them best, based on their comfort and accessibility.

She said: “To ensure the highest level of security and accuracy, PTAD has incorporated state-of-the-art encryption protocols and multi-factor authentication into the video confirmation system. These measures guarantee that the personal information and biometric data of pensioners remain confidential and protected throughout the process.

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“This innovative approach by PTAD demonstrates their commitment to leveraging technology to enhance the pensioner’s experience, while also improving operational efficiency. By enabling remote aliveness confirmation, the agency aims to reduce the burden on pensioners and eliminate the need for physical visits, particularly for those who face mobility challenges or reside in remote areas.

“PTAD encourages pensioners to utilise the ‘I Am Alive  Confirmation’ system, which offers a reliable and convenient alternative to traditional verification methods. The agency believes that this groundbreaking solution will improve the pensioners experience, providing a seamless path towards continued receipt of their monthly pensions.”

Ejikeme urged pensioners to visit  PTAD website: www.ptad.gov.ng and PTAD YouTube channel to access the instructional video. Pensioners are to follow the provided guidelines to ensure a successful and hassle-free aliveness confirmation process.

She added: “As PTAD pioneers the use of fingerprint and facial recognition technologies for remote aliveness confirmation, it sets a promising precedent for other similar government and financial institutions to adopt advanced authentication methods.

“This proactive step towards digital transformation demonstrates PTAD’s commitment to meeting the evolving needs of pensioners in aan interconnected world.’’

The Pension Transitional Directorate Arrangement (PTAD) has said the new  Back-End Computation project in the Power and Transport Sector will take off this monthend.

 It would be recalled that PTAD hosted the stakeholders meeting with pensioners’representatives and other critical stakeholders in the sector to share the outcome of the computation for pensioners in the sector.

In a statement, the Directorate’s spokesman, Olugbenga Ajayi, stated that the change in the take-off date had become necessary to resolve  the challenges in production.

The statement read: “Recall that in June 2023, PTAD held a focus stakeholders meeting with Pension Union executives and Pension Desk officers of the power and transport sector.

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“Also in attendance were representatives from the National Pension Commission (PenCom), National Human Rights Commission (NHRC) and SERVICOM.

“At the said meeting, our Director on Parastatals Pension Department (PaPD), Mr. Kabiru, explained that PTAD had initiated a back – end computation project to validate the detailed records of pensioners captured during the 2019 nationwide field verification exercise and re-compute the monthly pension of the pensioners based on their career records, relevant salary structures and applicable pension increments. 

“It was the computed monthly pension derived from this project that would be implemented in the pension payroll, to replace the inherited monthly pension that was received at the time PTAD took over pension payments; thereby addressing instances of overpayment and complaints of underpayment.’’