The Pension Transitional Arrangement Directorate (PTAD) has paid N3.817bn in pension arrears to 30,356 retirees under the Defined Benefit Scheme.
The payment followed a review of outstanding pension entitlements and covered beneficiaries across three departments of the agency. They include the Parastatals Pension Department, Defunct and Transferred Agencies Pension Department, and Tertiary, Education and Health Pension Department. PTAD’s Head of Corporate Communications, Olugbenga Ajayi, disclosed this in a statement on Friday.
Why PTAD Paid The Pension Arrears
According to the statement, the arrears resulted from the Back-End Computation Review Exercise carried out by PTAD. The exercise was designed to investigate complaints from pensioners and identify errors in pension calculations. It also helped the agency determine unpaid benefits owed to eligible retirees.
PTAD said the N3.817bn payment represents verified arrears identified during the review. The agency added that the exercise forms part of efforts to settle outstanding obligations and improve the administration of the Defined Benefit Scheme.
30,356 Retirees Receive Payments
A total of 30,356 pensioners benefited from the latest disbursement. The beneficiaries are retirees whose pension rights fall under the Defined Benefit Scheme, which covers pension arrangements established before the introduction of the Contributory Pension Scheme.
PTAD said the review was important because it allowed the agency to assess individual complaints and establish the correct benefits due to affected pensioners. The agency also said the latest payment would provide financial relief to retirees who had waited for the settlement of their verified arrears.
PTAD Reaffirms Commitment To Pensioners
PTAD Executive Secretary, Tolulope Odunaiya, thanked pensioners for their cooperation during the review exercise. She also reaffirmed the agency’s commitment to processing verified pension claims in a timely and transparent manner. Odunaiya said the payment reflects the Federal Government’s efforts to address pension-related challenges and improve the welfare of retirees.
“This payment reflects the commitment of the Administration of His Excellency, President Bola Tinubu, to addressing pension-related issues and strengthening pension administration under the Defined Benefit Scheme,” she said.
She assured pensioners that PTAD would continue to engage them and address complaints relating to their pension entitlements.
PTAD Promises More Action On Pension Complaints
The Directorate said the latest disbursement goes beyond the payment of arrears. It said the exercise is also part of efforts to rebuild confidence in the pension system. PTAD said it would continue reviewing complaints, verifying claims and resolving issues affecting pensioners under its mandate.
The agency also reiterated its commitment to transparency and accountability in the management of pension payments. The latest N3.817bn disbursement is expected to ease financial pressure on the 30,356 retirees whose outstanding payments were confirmed through the review exercise.
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