Pension: LASACO settles N1.063 bn legacy funds

Insurance and financial services listed company, LASACO Assurance Plc has settled a N1.063 billion Pension Legacy Funds in its custody, in compliance with the directive of the Federal Government, through the Pension Transitional Arrangement Directorate (PTAD).

The company paid the sum to PTAD as a final settlement of the funds meant for pensions of 6 Federal Government parastatals under the Defined Benefit Scheme (DBS).

While disclosing this in Abuja after receiving the transfer, the Divisional Manager, PTAD, Christiana Adebote commended LASACO for its compliance.

She said the transfer by the underwriting firm is an execution of a Memorandum of Understanding (MoU) between the directorate and the company.

Adebote said the directorate, last year, issued demand notices on the insurance companies holding legacy funds meant for payment of Pensioners under the DBS to transfer outstanding funds into ‘’our dedicated e-Collection account with the Central Bank of Nigeria (CBN)’’

She explained that the Pensions Reform Act (PRA) 2014, vested all pension assets, funds and liabilities in PTAD and warned that it has become imperative for other concerned companies still holding onto the legacy funds to transfer them to PTAD without further delay, noting that the intention of the Federal Government’s request for the release of these funds is to grow them for the prompt payment of pension to pensioners.

The General Manager (Marketing) LASACO Assurance Plc, Ademoye Shobo, while collecting the Letter of Set Off from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of 6 Federal Government parastatals as required by section 42 of the Pension Reform Act (2014) was fully remitted in July 2017.

Afolabi Adesola