PTAD recovers N16 billion through legacy pension funds, assets

The Pension Transitional Arrangement Directorate (PTAD) has said it has recovered over N16 billion as part of the legacy pension funds and assets owed to pensioners nationwide under the defunct old pension scheme.

The Executive Secretary of PTAD, Sharon O. Ikeazor, made the disclosure at the Directorate’s stakeholders forum 2017 with the theme, “Putting pensioners first is putting the country first”, meant to interact with pensioners from various states and also to brief them of the Directorate’s activities within the last 10 months.

Saying that most of the recovered funds and assets were NICON Insurance, she disclosed that some of the insurance companies gave their property in lieu of cash payment adding that NICON Insurance was one of them which gave property worth N13bn, because it was owing the government N13bn

Ikeazor said that PTAD inherited over 50, 000 complaints from the old pension scheme and assured that the Pension Support Services Department (PSSD) of the Directorate had been reorganised to respond promptly to pensioners inquiries and concerns.

Currently, she said that the verification of civil and parastatals pensioners were almost being concluded while that of police and paramilitary were concluded in 2015.