PTAD recovers N16bn legacy pension fund, assets from insurers

June 18th, 2018

From Edet Udoh, Lagos

The Pension Transitional Arrangement Directorate (PTAD) has so far recovered N16 billion of legacy pension funds and assets from insurance underwriters.

The Executive Secretary, PTAD, Sharon Ikeazor, said this recently in Abuja during a media briefing on the activities of the agency.

The amount is the inherited pension liabilities of all the Federal Government parastatals under the Defined Benefit Scheme without the commensurate assets from the insurance underwriters and boards of trustees, who were previously responsible for pension payment to this group of retirees.

The PTAD boss said that out of the N16bn, the sum of N6.9bn was the cash component domiciled in the Central Bank of Nigeria, while the balance of N9.1bn was in form of properties that had been sent to the Ministry of Works for valuation.

She stated that currently, 28 properties had been recovered for the government by PTAD from the insurance firms, adding that while some of them were office buildings, others were in the form of residential apartments.

Ikeazor added that the agency was in the process of changing the tenancy agreement of the residential apartments in such a way that the rental incomes would now be paid to the Federal Government.

She said despite the recovery of N16bn, there was still an outstanding amount of N11bn in pension assets with insurance underwriters that would be recovered.

Ikeazor warned that PTAD would follow all legitimate processes to recover the funds from all insurance companies and underwriters that had not complied with the agreed final demand notice of October 2017.

She said, “PTAD inherited the pension liabilities of all the Federal Government parastatals under the Defined Benefit Scheme without the commensurate assets from the Insurance Underwriters and Boards of Trustees, who were previously responsible for pension payment to this group of pensioners”.

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