The Nation Newspaper

Tag: Pension Transitional Arrangement Directorate

  • PTAD begins verification of pensioners for payment

    PTAD begins verification of pensioners for payment

    Relief came the way of pensioners of some federal government owned agencies that were privatised on Monday as the Pension Transitional Arrangement Directorate (PTAD) began their verification with a view to paying them their entitlement several years after they were retired.
    The pension agency on Monday began the verification of pensioners of  NICON Insurance, Nigeria Re-Insurance  Nigerian Defence Academy (NDA Civilians,) and New Nigeria Newspapers who has not been benefiting from the pension for a long time.
    The verification exercise which is taking place simultaneously in Abuja, Kaduna and Lagos was flagged off at the PTAD headquarters in Abuja by the Executive Secretary, Barrister Sharon Ikeazor who said the exercise is expected to last six days.
    PTAD has so far verified civil service pensioners in the North West, northeast, south-south, south-east and part of south-west with only Ogun and Oyo left in the south-west.
    Anxious pensioners of the for companies were thronged the Maitama Headquarters of PTAD and the Kaduna centre for the verification which involves data capturing and verification of documents as early as 8.00am.
    Some of the pensioners spoken to said they were excited that for the first time retirees were having it very smoothly adding that the procedure is completely different from that of the past where pensioners are treated with disdain.
    Chairman of the

    Awa Nmaju, Chairman of the Pensioners Pressure Group and a former staff of NICON Insurance said that they have not received pension in the last twelve years.
    He said: “Our pension has not been paid in the last 12 years and we have been struggling to see that we get paid. Eventually, PTAD has done a great job arranging this verification exercise for us.   A journey that started in 2005 is not a small journey, but were relieved as soon as our case was transferred to PTAD. A lot of attention has been given to it especially with the coming on board of the new Executive Secretary of PTAD Sharon Ikeazor, she has done a great job for us.
    “I am very much excited. In fact, my happiest day was on the 3rd of March when I was told that the minister has approved for us to be pensionable.”
    He said that when the federal government privatized his former corporation and were paid off, he has been finding it difficult to survive; lamenting that what they were paid was not commiserate with the years they put in service.
    However, he said, “Since we have been put under pension, we will start receiving monthly stipend though it may not be as we expected it. Although they will pay us arrears.”
    Another pensioner, Mr Mcihael Olasoni Rees, said: “For the first time, retirees are having it very smoothly and you know  the  procedure is completely different from that of the past where pensioners are treated with disdain; people have fallen down, because of lack of seating arrangement but as you can see, how things are going on very smoothly here.
    “We give kudus to PTAD. The old days where retirees are treated as if they are not human beings look as if it’s past, now you can see how people are going in a good procedure. When we came in they welcomed us very well and told us that there will be snacks after the verification exercise, that has never happened in the history of retirees in this country.
    “My expectation is that, if you have been captured and verified as a retiree, you should enjoy pension. They should speed up the process of pension payment so as to reduce the pressure and the anguish pensioners are going through because honestly, life has not been easy for most us.
    “What PTAD is doing now is part of it. As I said earlier, you can know the rigours when they said they want to verify pensioners they go through hell but now it is a different ballgame. Look at the way they are doing things orderly, look at the way they are attending to pensioners like human beings. Before, pensioners are treated almost like less than an animal, but now they are making things orderly and that is the beauty of it and at least we are getting this treatment but we want the payment to follow almost immediately.”

  • LASACO settles N1.063b pension legacy funds

    In compliance with the Federal Government’s directive, through the Pension Transitional Arrangement Directorate (PTAD), LASACO Assurance Plc has settled the N1.063 billion pension legacy funds in its custody.

    The company paid the sum to PTAD as final settlement of the funds meant for pensions of six Federal Government parastatals under the Defined Benefit Scheme (DBS).

    PTAD’s Divisional Manager, Christiana Adebote, who made this known in Abuja after receiving the transfer, commended LASACO for its compliance.

    She said this was an execution of a Memorandum of Understanding (MoU) between the Directorate and the company.

    Adebote said the Directorate, last year, issued demand notices on the insurance firms holding legacy funds meant for payment of pensioners under the DBS to transfer outstanding funds into ‘’our dedicated e-Collection account with the Central Bank of Nigeria (CBN).’’

    She explained that the Pensions Reform Act (PRA) 2014 vested all pension assets, funds and liabilities of pensioners under the old scheme in PTAD and warned that it had become imperative for other concerned firms still holding onto the legacy funds to transfer them to PTAD without  delay.

    She noted that the intention of the Federal Government’s request for the release of these funds is to grow them for the prompt payment of pension.

    LASACO’s General Manager (Marketing), LASACO, Ademoye Shobo, while collecting the Letter of Set Off from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of  parastatals as required by section 42 of the Pension Reform Act (2014) was fully remitted in July.

  • S/South: PTAD pays N835.45m arrears to 1,690 pensioners

    S/South: PTAD pays N835.45m arrears to 1,690 pensioners

    The Pension Transitional Arrangement Directorate (PTAD) on Monday said that it has paid about N835.45 million as arrears to about 1,690 pensioners from the South-South who were recently verified.

    In a statement from the agency made available to newsmen, PTAD said it was committed to the ensuring that welfare of pensioners under its defined benefit scheme is taken care of.

    The two paragraph statement: “The Pension Transitional Arrangement Directorate (PTAD) has paid the sum of Eight Hundred and Thirty-Four Million, Four Hundred and Fifty-Nine Thousand and Six Hundred and Twenty Naira, and Three Kobo (N834, 459,620.03) as pension arrears to One Thousand, Six Hundred and Ninety (1,690) verified civil service pensioners from the South-South zone.

    “This was effected on the 18th of August, 2017. PTAD assures of its commitment to pensioners under its mandate under the Defined Benefit Scheme (DBS)”

    Th agency only recently conducted another round of verification in three states of Osun, Ondo and Ekiti in the south west, saying it wants to create a data base of pensioners to enable government make an adequate budgetary allocation for the payment of pensions.

  • PTAD pays July pension

    PTAD pays July pension

    The Pension Transitional Arrangement Directorate (PTAD) has paid out N7,389,954,164.03 as July pensions to about 237,306 pensioners in federal government agencies under the Defined Benefit Scheme.

    PTAD also announced that it will transfer payment of pensions of retired Heads of Service and Permanent secretaries who fall under the Contributory Pension Scheme to the National Pension Commission from January 2018. 

    A statement from the management of PTAD made available to The Nation on Saturday said 98,362 Pensioners who retired from the Parastatals Pension Department (PPD), 16,111 Pensioners under Police Pension Department (PPD), 110,753 Pensioners under Civil Service Pension Department (CSPD) and 12,080 Pensioners under Customs, Immigration and Prisons Pension Department (CIPPD) where paid.

    The statement said the Directorate is committed to keeping its promise of making prompt payment to Pensioners as at when due, stressing that PTAD was a Treasury Funded Agency and rely on financial releases from government to pay the workers.

    In a separate statement, PTAD said the payment of retired Federal Heads of Service and Permanent Secretaries who fall under the Contributory Pension Scheme will now be done by PENCOM with effect from January, 2018.

    It said  while there are 217 retired Federal Heads of Service and Permanent Secretaries, 137 fall under the Defined Benefit Scheme (DBS) while 80 are of the Contributory Pension Scheme (CPS), adding by law, while PTAD administers all pension matters under the Defined Benefit Scheme and PENCOM handle retirees under the Contributory Pension Scheme.

    It said further that “Under two Memoranda of Understanding (MoU) signed in 2016 and 2017 between both Pension agencies, an agreement was reached for PTAD to pay the monthly pensions of retired Federal Heads of Service and as such, budgetary provisions were made in the 2017 Budget for payment of all 80 retired Federal Heads of Service and Permanent Secretaries under the Contributory Pension Scheme. 

    “Thus far, PTAD has been able to ensure that these senior citizens have received their pension entitlements till date and will continue to do so until 31st December, 2017.

    “PENCOM has prepared the necessary guidelines for the payment of the retired Federal Heads of Service and Permanent Secretaries under the CPS. 

    “This was a critical area the Executive Secretary of PTAD, Sharon Ikeazor had earlier stressed a need for, to ensure smooth transition devoid of hitches which could negatively impact on pension payments.

    “The Acting Director General of PENCOM, Aisha Dahir – Umar gave assurances to the Council of Retired Federal Permanent Secretaries (CORFEPS) representatives of a seamless transition as budgetary preparations were in progress to ensure payments are effected from January, 2018. Of recent, PTAD had carried out a verification of retired Federal Heads of Service and Permanent Secretaries.”