The Pension Transitional Arrangement Directorate has cleared the outstanding pension liabilities of ex-workers of NICON Insurance and Delta Steel Company estimated at N7.053billion.
According to the agency, the amount was for the liquidation of 56-month pension liabilities of NICON Insurance’s ex-workers and the 49-month pensions owed the ex-staff members of Delta Steel Company.
The agency noted that the liquidated pensions affected a total of 4,691 ex-workers of both companies.
Speaking at a press conference in Abuja on Thursday, Executive Secretary, PTAD, Dr Chioma Ejikeme, said a total of 100-month NICON Insurance pension arrears were inherited as well as 96-month arrears of Delta Steel.
She disclosed that inherited unfunded liabilities for defunct government ministries were valued at N95billion, revealing that the defunct agencies had a total monthly pension bill of N2.298billion and an annual bill of N62.073billion.
“As at today, we have settled a total of over N39billion of the inherited N95bllion, with N3.4billion of this amount making up one-off payments. These payments are ongoing,” she said.
She said that PTAD had successfully and regularly paid pensioners monthly without fail and had made payment of over N8.5bn as accumulated arrears of pensions and gratuities to pensioners of the Civil Service Pension Department and the next-of-kins of deceased pensioners through the Expanded Computation Project.
“With the liquidation of these inherited liabilities, the burden keeps getting lighter, and we will continue to work with all the relevant agencies of government to ensure that all accrued pension arrears are fully liquidated, especially the 63 months of inherited pension liability owed the ex-workers of NITEL/MTEL and their Next-of-Kin which we will continue soon,” she assured.
The PTAD was created to address pensioners’ complaints with respect to the old Defined Benefits Scheme.
According to Ejikeme, the agency had concluded the pilot phase of its “I Am Alive” Confirmation Solution launched in 2021 and had firmed plans for the full rollout of the solution.
She noted that the solution eliminated the risks and stress involved in travelling to various locations for field verifications and demonstrated PTAD’s desire to make life better for senior citizens of the country to enable them enjoy their retirement without stress.