PTAD paid N96bn to pensioners in one year ― ES

Pension Transitional Arrangement Directorate (PTAD) said, on Wednesday, that it paid N96 billion to pensioners on its payroll in the last one year under the old defined benefit pension scheme.

Executive Secretary of PTAD, Chioma Ejikeme, who spoke on activities of the directorate in the last one year disclosed that Federal Government was in the process of reviewing the 2004 pension reform Act to address some grey areas.
According to her, 87,842 pensioners were paid arrears and gratuities of over N19 billion, while the sum of over N670 million was paid to 418 next of kins of deceased pensioners.

In addition, 5,834 pensioners have been suspended from the payroll after a Bank Verification Number (BVN) Authentication exercise that was done in collaboration with the Nigeria Interbank Settlement System (NIBSS).

However, 2,416 of those removed have been restored after undergoing positive review and validation, the pension watchdog said.

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She explained that over N77 billion was paid as monthly pensions payments to 244,643 pensioners as at July 2020.

The payments include the balance of 33 per cent arrears for the parastatal pensioners, which it said had been outstanding since 2010 and was fully paid to the pensioners and NoKs in November/December 2019.

The PTAD boss announced that dead pensioners and those that are not responding to its calls for verification and other invitations will be removed from its payroll by next month.

“Deceased pensioners and unresponsive pensioners on the list will be removed from the payroll from October 2020,” she Ejikeme said.

The payments were made to pensioners to reduce the inherited liabilities from New Nigeria Newspapers, NICON Insurance, Nig-Reinsurance, Delta Steel Company, NITEL and NAHCO.

The agency was also working on the recovery of legacy funds and assets in the custody of 12 insurance underwriters belonging to the defunct agencies that were previously responsible for pension payments to Federal Government parastatals and universities.

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PTAD paid N96bn to pensioners