PTAD confirms outstanding payments for Police, Public institution

The Pension Transitional Arrangement Directorate said outstanding pension payments for paramilitary, police and other public institutions have been paid.

The agency said computation of benefits for five thousand verified pensioners are ongoing ahead of their payment.

Lara Afolayan reports that the Pension Transitional Arrangement Directorate said close to 8,000 pensioners have been included in its payroll.

It adds that computation benefits of some agencies had been concluded, while others are ongoing.
Pensioners who failed to show up for verification have been suspended from the payroll leading to nearly N500m monthly savings for government.

PTAD said pension arrears for several agencies of government have also been paid while it hopes to settle outstanding pension payments for academic institutions, health and electricity workers.

PTAD said cash and non cash assets of over 16bn had been recovered from the board of trustees and insurance underwriters.

Outstanding pension assets with these organizations is now in excess of N11bn and the agency said it will recover them.

The directorate hopes to fully compute pension benefits of all verified pensioners this year to address grey areas associated with pensions.

The pensions directorate also refutes allegations of bypassing due process in the sack of five directors.

It said efforts to re-engage them on contract basis failed because their services were no longer required.