The Pension Transitional Association Directorate (PTAD) has disbursed greater than N1.64 billion to 776 verified and eligible subsequent of kin (NoK) of deceased pensioners below the Outlined Profit Scheme (DBS), the company introduced on Wednesday.
In a press release issued by PTAD’s Head of Company Communications, Olugbenga Ajayi, the funds coated beneficiaries throughout numerous pension departments, together with the civil service, police, parastatals, customs, immigration, and prisons.
In accordance with Ajayi, the biggest share of the disbursement N1.48 billion—was paid to 629 NoKs below the parastatals pension division. One other N101.14 million was allotted to 103 NoKs from the civil service pension division, whereas 43 NoKs of police pensioners obtained N58.95 million. A single beneficiary below the customs, immigration, and prisons pension division was paid N2.43 million.
PTAD’s Govt Secretary, Tolulope Odunaiya, emphasised that the fee displays the directorate’s dedication to settling the entitlements of deceased pensioners, topic to the provision of funds.
“This disbursement is a major step in our ongoing efforts to clear the backlog of pension liabilities,” Odunaiya mentioned. “Offering loss of life advantages to subsequent of kin is a vital a part of PTAD’s mandate, guaranteeing {financial} aid to households who’ve misplaced their family members.”
She famous that the funds are anticipated to supply much-needed consolation and stability to recipients, reinforcing PTAD’s dedication to supporting pensioners and their households.
“We take satisfaction within the position we play in positively impacting the lives of our pensioners and their beneficiaries,” Odunaiya added.
The chief secretary reaffirmed PTAD’s dedication to delivering environment friendly and well timed pension funds and guaranteed pensioners that the company stays targeted on guaranteeing all beneficiaries obtain their rightful entitlements.
She additionally emphasised that PTAD’s work aligns with President Bola Tinubu’s Renewed Hope Agenda, geared toward bettering the welfare of retirees and their households.
As a part of its broader efforts, PTAD continues to implement measures to streamline pension disbursements and improve transparency within the administration of the Outlined Profit Scheme.
In the meantime, the Nationwide Pension Fee (PenCom) launched a significant coverage shift, granting Pension Fund Directors (PFAs) full authority to approve and course of a number of classes of retirement advantages with out prior approval from the Fee.
Fee directions will likely be transmitted by way of PenCom’s Shared Folders system, guaranteeing seamless communication between PFAs and PFCs, and expediting fund disbursement for retirees.
