KEY POINTS
• PTAD has paid N9.47 billion to 3,958 PHCN pensioners under the Defined Benefit Scheme.
• The payment represents the remaining 50 per cent of arrears from the Back End Computation exercise.
• Total payments to the affected pensioners now stand at N18.96 billion.
MAIN STORY
The Pension Transitional Arrangement Directorate has released N9.47 billion to 3,958 former Power Holding Company of Nigeria pensioners under the Defined Benefit Scheme.
The payment represents the second 50 per cent tranche of arrears resulting from the Back End Computation exercise.
PTAD had paid N9.48 billion to the same group of pensioners in June as the first tranche, bringing the total amount disbursed so far to N18.96 billion.
The agency said the latest payment was part of efforts to clear outstanding pension liabilities owed to PHCN retirees.
The disclosure was made by Olugbenga Ajayi, PTAD’s Head of Corporate Communications, in a statement issued in Abuja on Thursday.
THE ISSUES
- The latest disbursement addresses a portion of outstanding pension obligations owed to PHCN pensioners under the Defined Benefit Scheme, providing retirees with the remaining balance of arrears covered by the computation.
- The payment also brings the total released to the affected pensioners to nearly N19 billion across the two tranches paid in June and the latest disbursement.
- The settlement of the arrears forms part of PTAD’s responsibility to administer benefits owed to pensioners under the Defined Benefit Scheme and address outstanding liabilities.
WHAT’S BEING SAID
“PTAD remains committed to ensuring that eligible DBS pensioners receive their legitimate entitlements.” – Tolulope Odunaiya, Executive Secretary, PTAD
“The Federal Government remains committed to protecting the welfare, dignity and well-being of pensioners.” – Tolulope Odunaiya, Executive Secretary, PTAD
“The sacrifices and meritorious services of Nigeria’s senior citizens will continue to be recognised and honoured.” – Tolulope Odunaiya, Executive Secretary, PTAD
WHAT’S NEXT
PTAD said it would continue working to address outstanding pension liabilities and ensure retirees receive benefits due to them.
BOTTOM LINE
PTAD has now disbursed N18.96 billion to 3,958 PHCN pensioners through two equal tranches following the Back End Computation of their arrears.
