Pencom

Directorate pays N695m to 418 pensioners in three months

The Pension Transitional Arrangement Directorate has said it paid a total of N694.9m to 418 pensioners between May 5 and August 13 through its Parastatals Pension Department.

A director at PTAD, Yusuf Umar, disclosed this in Abuja at a workshop for pension correspondents on Friday.

“The beneficiaries of the N694.9m pension payment cut across the following agencies and sectors, Assurance Bank, Nigeria National Shipping Line, Aluminium Smelting Company of Nigeria, Delta Steel Company, New Nigeria Newspapers, Nigeria Aviation Handling Company, education, universities and the organised private sector,” he said.

PaPD is a department at PTAD saddled with the administration of pensions for 92,373 pensioners spread across 265 agencies and 148 pensioners unions.

Umar also said the directorate owed over N90bn pension liabilities to 265 defunct agencies, include the defunct Nigeria Telecommunications Limited (N73bn).

According to him, others agencies are Delta Steel Company (N7.9bn), NICON Insurance (N4.9bn), New Nigerian Newspaper (N2.9bn), Nigeria Re-Insurance Corporation (N1.1bn), Nigeria National Shipping Line (N1.2bn), and Aluminium Smelter Company Limited and Nigeria Aviation Handling Company (N467m each).

He said the defunct Assurance Bank was owed N570m while Federal Housing Authority had N389m unfunded pension liability.

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