JUST IN: PTAD settles 759 next of kin of defunct/privatized agencies

JUST IN: PTAD settles 759 next of kin of defunct/privatized agencies

The Pension Transitional Arrangement Directorate (PTAD) has paid full benefit to 759 next of kin of defunct/privatized agencies in Nigeria.

This was disclosed in a press statement sent to journalists on Monday, December 24.

Legit.ng gathered that the move is in continuation of the settlement of death benefit to next-of-kin of deceased parastatals pensioners who died after service

According to the statement, 259 next of kins of NITEL, Delta Steel Company Limited (DSC), New Nigeria Newspapers (NNN), Nigerian Reinsurance Corp. Plc and NICON Insurance PLC benefited from the latest payment.

“This is in addition to Five Hundred (500) NITEL next of kins who have already been paid the sum of N1,565,190,623.12 (One Billion, Five Hundred and Sixty Five Million, One Hundred and Ninety Thousand, Six Hundred and Twenty Three Naira, Twelve kobo) following the conclusion of documentation and Federal Audit clearance for payment,” the statement said.

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PTAD, however, clarified that the payment only covered the period between the end of the five years after privatization and the date of demise of the principal pensioners, adding that, “only claims beyond those five years are justifiable under extant laws.”

“The next of kins of those who died before the expiration of the five year post privatization period are not entitled to any additional benefits as the payment made by BPE qualified as guaranteed pension in conformity with the law.

“A total sum of N669,762, 902.73 (Six Hundred and Sixty Nine Million, Seven Hundred and Sixty Two Thousand, Nine Hundred and Two Naira Seventy Three Kobo) has been paid to the 259 beneficiaries,” the statement said.

The number of beneficiaries in each company are listed below:

1. NITEL/Mtel, 149

2. New Nigeria Newspapers (NNN), 72

3. Nigeria Reinsurance, 9

4. Nicon Insurance LTD, 9

5. Delta Steel Company (DSC), 19

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Meanwhile, the Nigerian government has said it will release N4 billion to kick-start the full payment of salaries as minimum pension for some categories of retirees across Nigeria.

The money to be released would be used under the Contributory Pension Scheme mandated by the Pension Reform Act, 2014 as the Pension Commission is said to have finished work on the guidelines to commence the payment as stipulated by the Pension Reform Act 2014.

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Source: Legit

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