The Pension Transitional Arrangement Directorate (PTAD) has disbursed more than N1.64 billion to 776 verified and eligible next of kin (NoK) of deceased pensioners under the Defined Benefit Scheme (DBS), the agency announced on Wednesday.
In a statement issued by PTAD’s Head of Corporate Communications, Olugbenga Ajayi, the payments covered beneficiaries across various pension departments, including the civil service, police, parastatals, customs, immigration, and prisons.
According to Ajayi, the largest share of the disbursement N1.48 billion—was paid to 629 NoKs under the parastatals pension department. Another N101.14 million was allocated to 103 NoKs from the civil service pension department, while 43 NoKs of police pensioners received N58.95 million. A single beneficiary under the customs, immigration, and prisons pension department was paid N2.43 million.
PTAD’s Executive Secretary, Tolulope Odunaiya, emphasized that the payment reflects the directorate’s commitment to settling the entitlements of deceased pensioners, subject to the availability of funds.
“This disbursement is a significant step in our ongoing efforts to clear the backlog of pension liabilities,” Odunaiya said. “Providing death benefits to next of kin is a crucial part of PTAD’s mandate, ensuring financial relief to families who have lost their loved ones.”
She noted that the payments are expected to offer much-needed comfort and stability to recipients, reinforcing PTAD’s dedication to supporting pensioners and their families.
“We take pride in the role we play in positively impacting the lives of our pensioners and their beneficiaries,” Odunaiya added.
The executive secretary reaffirmed PTAD’s commitment to delivering efficient and timely pension payments and assured pensioners that the agency remains focused on ensuring all beneficiaries receive their rightful entitlements.
She also emphasized that PTAD’s work aligns with President Bola Tinubu’s Renewed Hope Agenda, aimed at improving the welfare of retirees and their families.
As part of its broader efforts, PTAD continues to implement measures to streamline pension disbursements and enhance transparency in the administration of the Defined Benefit Scheme.
What to know
Meanwhile, the National Pension Commission (PenCom) introduced a major policy shift, granting Pension Fund Administrators (PFAs) full authority to approve and process several categories of retirement benefits without prior approval from the Commission.
- The new directive, set to take effect on June 1, 2025, is aimed to streamline pension payments and eliminate bureaucratic delays within the Contributory Pension Scheme (CPS).
- Previously, PFAs were required to seek PenCom’s “No Objection” before disbursing funds to Retirement Savings Account (RSA) holders.
- With this policy in place, PFAs must process, approve, and complete payment instructions within two working days once all necessary documentation is submitted. Upon approval, PFAs will instruct their appointed Pension Fund Custodians (PFCs) to credit beneficiaries’ accounts within 24 hours.
Payment instructions will be transmitted through PenCom’s Shared Folders system, ensuring seamless communication between PFAs and PFCs, and expediting fund disbursement for retirees.