Pension Directorate disburses over N1.6 billion in Advantages to households of deceased pensioners
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 an announcement issued by PTAD’s Head of Company Communications, Olugbenga Ajayi, the funds lined beneficiaries throughout varied pension departments, together with the civil service, police, parastatals, customs, immigration, and prisons.
In response to Ajayi, the most important 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 acquired 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 cost displays the directorate’s dedication to settling the entitlements of deceased pensioners, topic to the supply of funds.
“This disbursement is a major step in our ongoing efforts to clear the backlog of pension liabilities,” Odunaiya mentioned. “Offering dying advantages to subsequent of kin is an important a part of PTAD’s mandate, making certain {financial} reduction 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 pleasure within the function 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 making certain all beneficiaries obtain their rightful entitlements.
She additionally emphasised that PTAD’s work aligns with President Bola Tinubu’s Renewed Hope Agenda, aimed toward enhancing 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.
What to know
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.
- The brand new directive, set to take impact on June 1, 2025, is aimed to streamline pension funds and remove bureaucratic delays inside the Contributory Pension Scheme (CPS).
- Beforehand, PFAs have been required to hunt PenCom’s “No Objection” earlier than disbursing funds to Retirement Financial savings Account (RSA) holders.
- With this coverage in place, PFAs should course of, approve, and full cost directions inside two working days as soon as all crucial documentation is submitted. Upon approval, PFAs will instruct their appointed Pension Fund Custodians (PFCs) to credit score beneficiaries’ accounts inside 24 hours.
Cost directions can be transmitted via PenCom’s Shared Folders system, making certain seamless communication between PFAs and PFCs, and expediting fund disbursement for retirees.
