PTAD pays N3.82bn pension arrears to 30,356 retirees

The Pension Transitional Arrangement Directorate (PTAD) has disbursed N3.82 billion in pension arrears to 30,356 retirees under the Defined Benefit Scheme, following a thorough review of outstanding entitlements. This payment was made across three departments within PTAD: the Parastatals Pension Department, the Defunct and Transferred Agencies Pension Department, and the Tertiary, Education and Health Pension Department.

The total payout amounted to N3.817 billion, as confirmed by Olugbenga Ajayi, PTAD's Head of Corporate Communications, in a recent statement.

The Back-End Computation Review Exercise, which was carried out to address pension calculation errors and unpaid benefits, played a critical role in identifying and resolving these discrepancies. This exercise was particularly vital for retirees in the Defined Benefit Scheme, which governs the pension rights of employees under the pre-2004 pension system. The exercise aimed to determine the accurate entitlements owed to these pensioners and ensure they received the financial support they were due.

PTAD's Executive Secretary, Tolulope Odunaiya, expressed gratitude to the beneficiaries for their cooperation during the review process. She emphasized the commitment of the Federal Government, led by President Bola Tinubu, to tackling pension-related issues and enhancing the welfare of retirees under the Defined Benefit Scheme. Odunaiya reassured the pensioners that PTAD would continue to address their concerns and improve the administration of pensions.

The disbursement is viewed as a significant step in restoring confidence in the pension administration process, as it demonstrates the administration's dedication to verifying and settling pension claims accurately. PTAD reaffirmed its commitment to transparency, accountability, and engaging with beneficiaries to ensure that their pension entitlements are fairly processed and paid out.