Directive assures pensioners of FG's commitment

yinka ogunlami

February 24, 2016 8:55 AM

As the Federal Government has mandated verification of the details of pensioners ahead of disbursement, PTAD, Pension Transitional Arrangement Directorate has assured pensioners’ its commitment towards the payment of their entitlement.

Directive assures pensioners of FG's commitment

As the Federal Government has mandated verification of the details of pensioners ahead of disbursement, PTAD,

Nellie Mayshak, Director General PTAD during the verification exercise of pensioners in the health and education sectors, in Lagos stated that although in the past, pension funds were stolen and mismanaged but the governments’ desire is to put a smile on pensioner's faces.

“The pension funds were stolen and mismanaged and while some are in court now, others are on the run to escape prosecution. But we can now give assurance both to public and pensioners that their funds are safe,” she said.

Read: Central Bank to award banks, merchants for contribution in cashless programme

She stated that pension funds are no longer taken outside government’s purview, as they are domiciled with the Central Bank of Nigeria and payments are made on regular basis straight to the pensioner’s account.

“There are no intermediaries, which can tamper with pension fund anymore. That has been what we have been doing for the past two years, which is why there is no noise and nothing is missing.

“When pension are not safe, people don’t want to retire. We then have people change their age to remain in the system because pension is a bad experience. We thank God that all of that has changed and we are doing very well,” she said.

Read: 4 banks sanctioned last year for not complying to e-payment directive

She assured that current exercise would address the issue of Next of Kin, as some next of kin are usually unable to recover the money after the pensioner dies.

“It is a bit unfortunate when pensioners die, sometimes they are lucky to have enjoyed the statutory five years. But a pensioner can die in a year or even a month in their pensionable life and the next of kin needs the money to survive at the period and for that money not to come at the critical time has thrown many families into difficulties. We have been working with our partners to address the situation of late benefits to Next of Kins,” she said.

yinka ogunlami