Seven Key Turning Points In Defined Benefit Scheme Under PTAD
Pension Transitional Arrangement Directorate (PTAD) has identified the seven key turning points in the Defined Benefit Scheme (DBS) under its management.
The details were given by the Executive Secretary of PTAD, Dr Chioma Ejikeme at a one-day training workshop organized by the Directorate for members of the National Association of Insurance and Pension Correspondent in Lagos recently.
The Director, Parastatals Pension Directorate (PaPD), Kabiru Yusuf, who represented the Executive Secretary, Dr. Chioma Ejikeme at the occasion, said with the establishment of PTAD in August 2013, the management of the Define Benefit Scheme in the country has received a boost, adding that everything negative about the pension management in the past witnessed good turn around.
Dr. Ejikeme said the transformation was anchored on seven key initiatives namely the transformation of pension administration in Nigeria to the next level through prompt payment of monthly pension benefits under the DBS.
Automation of the payment process through the use of Government-to-pensioners payment, where all payments are now through Government Integrated Financial and Management Information System (GIFMIS) and REMITA from the Treasury Single Account domiciled with the Central Bank of Nigeria (CBN).
Deployment of Information and Communication Technology (ICT) in the computation of pension benefits and other services; Digitalization of pensioners’ data and records from manual to e-file through a verification process that captures the biometrics, photo and credentials of pensioners to boost pension services; introduction of pensioner-friendly services which show empathy and confer dignity to pensioners during verification exercise such as mobile verification of the infirm, very old and hospitalized pensioners.
Other include intensification of the fight against pension fraudsters with the deployment of ICT, collaboration with Anti-Corruption Agencies like Independent Corrupt Practices and Other Related Offences Commission (ICPC); Economic and Financial Crime Commission (EFCC) and inauguration of an Anti-Corruption Transparency Unit (ACTU) in the Directorate to ensure sustainable services.
PTAD, according to her, also introduced interactive stakeholder engagement for face to face contact to aid live discussion of important issues.
Dr. Ejikeme said the Directorate is statutorily responsible for the management of pensions under the Defined Benefit Scheme for pensioners who did not transit to the Contributory Pension Scheme (CPS).
This, according to her, includes the old pension offices of Police, Customs, Immigration and Prison, Civil Service and the Boards of Trustees of Parastatals and Agencies.
She said presently PTAD has eight departments with varying functions
