Pension Directorate inherited N213.7 Billion in Pension Liabilities

Pension Directorate inherited N213.7 Billion in Pension Liabilities

- in INSURANCE & PENSIONS
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The Director of PTAD’s Civil Service Pension Department, Godson Ukpevo, has revealed that the Pension Transitional Arrangement Directorate (PTAD) inherited about N213.7 billion worth of pension liabilities as at the end of last year.

Ukpevo, who made the disclosure recently in Abuja, said the funding of the inherited liabilities had become a challenge to the directorate in the face of dwindling oil revenues.

He said PTAD inherited more than 10,000 cases of death benefits that have to be verified and entitlements paid to next of kins.
In addition, he said the directorate was challenged with settling the benefits of over 13,000 state pensioners with federal share.
He revealed that a total of N7 billion was trapped with underwriters and inability to access the funds has hampered pension payments.

The settlement of the arrears of 33 percent pension increase approved by the federal government which had accumulated over time had been a problem to the directorate.

He lamented that there still existed strong resistance to change and subtle campaign for return to the old discredited Defined Benefits Scheme (DBS), a development which would put pension funds administration in Nigeria in danger.

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