N19bn pensioners’ funds with insurance companies – PTAD

The Federal Government through the Pension Transitional Arrangement Directorate (PTAD) has decried the continued withholding of pensioners’ funds amounting to over N19 billion by some insurance companies.

Disclosing this yesterday in Abuja, the Executive Secretary, PTAD, Mrs. Sharon Ikeazor, said since the agency took over pension management of parastatals, universities and colleges of education in August 2015, legacy pension funds amounting to N19.13 billion had remained in the custody of insurance companies. She said: “We have issued demand notices on the companies involved, demanding for the transfer of these outstanding funds into our dedicated e-collection account with the Central Bank of Nigeria (CBN). “Till date, only Leadway Assurance has paid funds in its custody.

We are working closely with the Minister of Finance to ensure that all outstanding legacy funds are transferred to us.”

She said while efforts were being intensified to recover the funds, the current administration was also determined to ensure that about 223,000 pensioners already captured in the system were paid promptly. Why reacting to the recent sack of some of the directors of PTAD, Ikeazor noted that the sacked directors were discovered to have been appointed into the position without following extant civil service rules.

She also explained that the ongoing cleanup exercise being undertaking by the current administration to sanitise the pension system had yielded enormous benefits, with the weeding out of about 15,000 unverified names from the pension’s pay roll. According to her, “our IT department is weeding out pensioners that do not belong on the payroll. PTAD removed 15,000 unverified names from the payroll and has transferred the savings from those eliminated from the payroll to those who have never received payment and those with outstanding benefits.”

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