PTAD Pays All Pension Liabilities To Ex-Workers Of Nigeria Reinsurance, New Nigeria Newspapers, Others.
Dr Chioma Ejikeme, PTAD boss
Pension Transitional Arrangement Directorate (PTAD) said it has liquidated all outstanding pension liabilities due to ex-workers of the Nigeria Reinsurance Corporation, New Nigeria Newspapers Limited, Savannah Sugar Company Limited, Nigeria Aviation Handling Company, Aluminum Smelter Company of Nigeria, Federal Housing Authority, Nigeria National Shipping Line and Assurance Bank.
Executive Secretary, PTAD, Dr Chioma Ejikeme disclosed these in an interview with our correspondent recently.
According to her, In demonstration and affirmation of the unwavering commitment of the Federal Government to the welfare of pensioners under the Defined Benefit Pension Scheme (DBS), under the leadership of President Muhammadu Buhari, just recently, we have completed the payment of all outstanding liabilities due to ex-workers of two of the Defunct Agencies – namely Nigeria Reinsurance Corporation (total 126 inherited months completely liquidated) & New Nigeria Newspapers Limited (Total 219 inherited Months Completely liquidated).
“We have also settled a significant portion of the outstanding liabilities due to the ex-workers of another three Defunct Agencies – NICON Insurance Corporation, Delta Steel Company Limited & NITEL/MTEL.”
Dr Ejikeme said the pension liabilities paid are the arrears which accumulated between the time, when the lump sum pension were earlier paid to October, 2018 when the disengaged ex-workers were enrolled to the monthly pension by PTAD,.
She said this represented the unfunded pension liabilities that were due to these pensioners at the time the Directorate inherited them.
She said the feat was achieved because of the support and cooperation of the Honorable Minister of Finance, Budget and National Planning whom she said “has graciously agreed to personally oversee the completion of the payments which took place recently here in our Corporate Headquarters, Abuja.
PTAD boss said the Directorate is fully committed to the full liquidation of the outstanding arrears due to pensioners of NICON Insurance Corporation, Delta Steel Company Limited and NITEL/MTE?
“As we have reiterated over time, we will continue to work closely with the Federal Ministry of Finance and other relevant government agencies to achieve this objective as quickly as possible.
“It is noteworthy at this point to add that the Directorate did not inherit any pension assets from these Defunct/Privatized Agencies to help offset these liabilities at the time of take-over. It has therefore been through the unflinching commitment and support of the Federal Ministry of Finance, Budget & National Planning, the Committees of both the Senate on Establishment and Public Service, House of Representatives Committee on Pensions, the other oversight committees of the National Assembly and most importantly, the commitment of Mr. President to the welfare of pensioners that the Directorate has been able to continuously pay the monthly pensions of these ex-workers from 2018 to date.
“It is also important to add that the Directorate has been able to offset some portion of these inherited outstanding liabilities over the last two years. This has been accomplished through savings realized in the course of pension administration within the year. Most significantly, PTAD has paid off the outstanding balance of the severance benefits or pension entitlements due to ex-workers of Savannah Sugar Company Limited, Nigeria Aviation Handling Company, Aluminum Smelter Company of Nigeria, Federal Housing Authority, Nigeria National Shipping Line and Assurance Bank,” PTAD boss explained.
