PTAD Lauds Tinubu Over Timely Release of Pension Funds, Increment
The Pension Transitional Arrangement Directorate (PTAD) has commended President Bola Tinubu, for ensuring timely release of funds for payment of pensions and recent increment of pensions.
Mrs Chioma Ejikeme, Executive Secretary of the PTAD, made the commendation in a statement on Wednesday in Abuja. Ejikeme said that the timely release of the funds had shown the effective commitment of the present administration.
She lauded the President for his commitment to the welfare of pensioners through the timely, prompt, continuous and uninterrupted release of funds. Our commitment to our pensioners remains sacrosanct,” she said.
The execute secretary said that the PTAD had expanded its operations by establishing another office in Kwara. She said that the unveiling of the office had marked a significant milestone to better the welfare of pensioners.
“The aim of establishing these offices in strategically-selected locations nationwide is to bring our exceptional pension services closer to the doorstep of Defined Benefit Scheme (DBS) pensioners.”
Ejikeme said that in the last decade of its operation, PTAD had reformed and revolutionised pension administration using technology.
She said that the office had implemented service innovations that had been proactive and intentional from automating and streamlining core operational processes, to digitisation of pensioners’ employment records.
“We have also implemented electronic computation of pension benefits, pension payments, complaints resolution, the Back End Computation project, and the “I Am Alive” Confirmation Solution.
“Furthermore, following complaints from Next-of-Kin (NOK) of deceased pensioners and some pensioners concerning non-payment of inherited liabilities, I inaugurated a DirectorateWide Expanded NOK and gratuity project, in December 2023.
“This is with a clear mandate to address all legitimate complaints of non-payment of gratuities to some pensioners and death benefits to NOK of deceased pensioners across all the pension departments,” she said.
Ejikeme said that on July 19, the office processed and paid the sum of N395,559 million as death benefits and gratuity to 238 NOK of deceased pensioners and pensioners. The rest of the NOK and gratuity benefit claims files are still undergoing prudent checks and validation.
“Nevertheless, it is worthy to note that PTAD is working tirelessly with the relevant stakeholders and respective high courts of justice across the federation.
“This is to ensure that letters of administration in favour of the NOK are validated within the shortest time frame. Also, other related checks completed to enable the remaining beneficiaries receive their entitlements in the shortest possible time.
“It is with great pleasure that I am informing you that all of the receipt by PTAD of the 2024 Pension increment has been approved by the president, “ she said.
According to her, this increment, which takes effect from Jan. 1st 2024, is quite historic as it is the first time that the Federal Government has proactively, promptly, and timeously implemented this constitutional provision.
“PTAD will be implementing this increment with commencement of the payment of the accrued arrears this August 2024.
“I wish to use this opportunity to encourage the pensioners who are yet to confirm their aliveness through the “I Am Alive” Confirmation Solution to do so,” she said. NASS Amends CBN Act to Increase Ways And Means Loans to FG
